Dominion Holdings Inc., formerly BDO Leasing & Finance Inc., on Thursday reported a net income of P277.3 million in 2023, higher than P69.3 million earnings in 2022.
The company said gross income increased to P343.7 million from P126.8 million in the previous year on the rebalancing of its investment portfolio towards higher-yielding placements and debt securities.
Total resources, predominantly comprised of investment securities, reached P6.38 billion, while stockholders’ equity improved to P6.37 billion.
Dominion Holding’s primary purpose is to own real estate properties, securities/shares of stocks and other assets of other companies and engage in investment and business activities involving these assets.
The company obtained the Securities and Exchange Commission’s approval dated July 18, 2022 for the change in corporate name of BDO Leasing and Finance Inc. to Dominion Holdings Inc., the shift in primary and secondary purposes from a leasing and financing company to that of a holding company and the corresponding amendments to articles of incorporation and by-laws.
Dominion Holdings said it would have more flexibility in pursuing business opportunities to enhance shareholder value for stockholders as an investment holding company.