FDC registers banner year with ₱12-B profit

Filinvest Development Corporation (FDC) reported a 23 percent growth in attributable net income to ₱12.0 billion last year from the ₱9.8 billion in 2018 while consolidated net income grew by 18 percent to ₱15.9 billion.

In a disclosure to the Philippine Stock Exchange, the firm said its strong performance was on the back of a revenue growth of 15 percent to ₱74.85 billion in 2019 from ₱64.91 billion in the previous year.

FDC said its core businesses in banking and property, as well as power and sugar, all registered notable increases.

Its property business, composed of the real estate and hospitality segments, “continues to be a solid source of growth for the group, contributing more than half of FDC’s bottom line in 2019.”

Meanwhile, FDC’s banking and financial services subsidiary, East West Banking Corporation (EastWest Bank), delivered a net income contribution to the group of ₱6.1

billion, growing by 45 percent.

Power subsidiary, FDC Utilities, Inc. (FDCUI), contributed ₱2.5 billion in net income, rising by 20 percent from the previous year.

“The year 2019 was a banner year for FDC. We met our goals for our core businesses, gained further traction in the new businesses and achieved record financial results,” said FDC President and CEO L. Josephine G. Yap.

She added that, “This was done through our continued focus on the delivery of products and services to the dynamic yet underserved middle market.”

“The COVID-19 pandemic, however, has put an unexpected pause to our 2020 plans. Our attention was diverted as we worked closely with the public and private sectors to mobilize resources towards health care, testing and community assistance. The foundations of the Filinvest group pledged ₱100 million to this fight,” Gotianun-Yap noted.

But, she assured that, “the Filinvest group is in a solid position to address the forthcoming challenges posed by this crisis.”