Filinvest Land 2023 net up 30% to P3.8B

FILINVEST Land Inc. (FLI) saw its net income attributable to the parent company’s equity holders rise 30 percent to P3.77 billion last year, from P2.9 billion in 2022, amid growth from residential and leasing businesses.

Consolidated revenues and other income expanded by 13 percent year-onyear to P22.55 billion from P19.94 billion, the Gotianun-led property developer said in a statement on Wednesday.

“We are very pleased to report Filinvest Land’s financial results in 2023, which were driven by the consistent and robust performance of our residential business segment,” FLI president and chief executive officer Tristan Las Marias said.

“This was driven by increasing sales to our overseas Filipino workers, alongside the strategic expansion and regionalization of our sales network,” he added.

In the residential segment, revenues were said to have jumped by 13 percent to P14.49 billion due to “accelerated construction progress and the success of housing projects and medium-rise condominiums.”

FLI also posted “strong performance” in leasing segments, which include malls, offices, industrial spaces, co-living and coworking spaces, Las Marias added, noting that they are keen on further expanding their portfolio in the coming year.

Revenues from the mall business rose 32 percent to P2.21 billion, the company noted, on the back of increased occupancy levels, higher shopper traffic and normalized rental rates.

The office segment, meanwhile, reported earnings of P4.66 billion, 2.0 percent higher year-on-year following higher occupancy rates and rate escalations.

“Timely adjustments to manage operating expenses of our office properties helped maintain its net income contribution of 33 percent,” the developer said.

FLI also generated earnings from its new ventures, with the maiden co-living business segment accounting for 1.0 percent and 4.0 percent of revenues and net income, respectively.

“As FLI continues to chart its path of growth and innovation, the company remains committed to delivering exceptional value to its stakeholders while contributing to developing vibrant, sustainable communities across the Philippines,” it added.

FLI’s share price was unchanged at P0.71 each on Wednesday.