Conglomerate Filinvest Development Corp. (FDC) said Wednesday it registered attributable net income of P8.9 billion in 2023, up by 58 percent from P5.7 billion in 2022.
FDC said in a stock exchange filing its consolidated revenues climbed 31 percent to P92.8 billion from P71.1 billion as all business segments delivered double-digit growth.
“This past operating year was marked by robust growth in all our business lines. The key to our success was a renewed focus on the fundamentals of our business and staying true to our key strategic imperatives and reliance on our core strengths as an organization,” said FDC president and chief executive Rhoda Huang.
Consolidated net income reached P12.1 billion, up 46 percent year-on-year from P8.3 billion.
Banking and financial services delivered a net income contribution to the group of P4.6 billion, equivalent to 39 percent of FDC’s bottom line.
The property business, composed of the real estate and hospitality segments, delivered a combined P3.8 billion or 32 percent of total.
The power subsidiary contributed P2.9 billion in net income or 24 percent of the total, while the balance of 5 percent came from other businesses.
Banking subsidiary EastWest Bank (EW) delivered a net income of P6.1 billion in 2023, or 32 percent higher than the previous year on sustained consumer loan growth and strong deposit generation.
FDC’s real estate business, comprised of listed subsidiary Filinvest Land Inc. (FLI) and Filinvest Alabang Inc. (FAI), contributed P3.7 billion in net income to the group in 2023, or 31 percent higher than P2.8 billion in the previous year.
Its power subsidiary, FDC Utilities Inc. reported a net income contribution of P2.8 billion in 2023, representing a 30-percent growth from 2022 on the back of a 33-percent increase in revenues to P17.2 billion.
All units of its 3×135-megawatt FDC Misamis plant were fully contracted within the year, helped by the energization of the Mindanao-Visayas interconnection project in the second half of 2023.
Meanwhile, hotel operations under Filinvest Hospitality Corp. rebounded in 2023 with a net income of P106 million, buoyed by the 48-percent growth in revenues to P2.9 billion in 2023.