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Friday, March 29, 2024

Filinvest’s income jumps 31% to P13.4b

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Filinvest Development Corp., the holding company of the Gotianun family, said Wednesday consolidated net income climbed 31 percent in 2018 to P13.4 billion from a year ago, boosted by the strong performance of the property and power generation businesses.

FDC said in a disclosure to the stock exchange the bulk of the group’s gross revenues came from the property unit, which accounted for 43 percent. It was followed by banking which contributed 41 percent.

The group’s power generation operations accounted for 13 percent of revenues and the sugar business contributed the balance of 3 percent.

“Our investments, not only in power but also in property, banking and infrastructure are now being reflected in our healthy year-end net income,” FDC chairman Jonathan Gotianun said.

FDC said income from the property business under Filinvest Land Inc. reached P8.8 billion, driven mainly by the 27-percent growth in the recurring income portfolio.

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Banking subsidiary EastWest Bank delivered solid results, ending the year with a net income of P4.5 billion.

The group’s power business posted a net income of P1.2 billion, contributing 16 percent of total net income as energy sales from the FDC Misamis power plant increased 24 percent in 2018.

FDC Utilities Inc. operates the largest operating baseload power plant in Mindanao with a capacity of 405 megawatts.

FDCUI teamed up with Engie, one of the world’s largest power generation and distribution firms, in 2018 to establish Filinvest-Engie Renewable Energy Enterprise Inc., a joint venture providing solar energy solutions in the Philippines. 

Free signed up three solar roof panel projects with a total of 5.4 MW. Engie also teamed up with the group in establishing the Philippines’ largest district cooling system with up to 12,000 tons refrigerant supplying FLI’s business process outsourcing complex. 

“The Filinvest group’s entry into airports, hospitality and logistic parks marks the start of a new phase for FDC, as we kick off our involvement in tourism and infrastructure,” said FDC president and chief executive Josephine Gotianun-Yap.

“This adds another layer of diversity to our income mix while also complementing investments in the region,” she said.

FDC together with FLI is currently developing the 201-hectare Filinvest Mimosa+ Leisure City in Pampanga province.

The group also has a provisional license from the Philippine Gaming and Amusement Corp. for a casino integrated resort in Filinvest Mimosa+. 

FDC budgeted $200 million for the project which includes a casino, lifestyle mall, five-star hotel and events venue. FDC intends to engage a third-party casino operator to manage casino operations. 

FDC is the lead consortium member with a 42.5-percent stake in the recently incorporated Luzon International Premier Airport Development Corp. which will fulfill the 25-year agreement to develop commercial assets, operate and maintain project facilities and fit-out the new terminal in  Clark International Airport. 

The conglomerate joined forces with JG Summit, Changi Airports Philippines (I) Pte. Ltd. and Philippine Airport Ground Support Solutions Inc. for the Clark International Airport project.

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