Filinvest profit hits all-time high in 2023
Filinvest Land Inc. (FLI), the listed property developer of the Gotianun family, delivered an all-time high net income in 2023 on the back of strong contributions from its residential and leasing business segments.
FLI reported a net income attributable to equity holders of the parent of P3.77 billion last year, up 30 percent from 2022.
The company saw revenues and other income climb by 13 percent to P22.55 billion in 2023 from the previous year’s P19.94 billion.
“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 said.
The accelerated construction progress and the success of housing projects and medium-rise condominiums across strategic locations nationwide resulted in a 13-percent revenue growth for the company’s residential segment to P14.49 billion last year.
A total of P8.7 billion worth of residential projects in key areas such as Rizal, Laguna, Pangasinan, Cebu, Davao, South Cotabato, Zamboanga and Iloilo were launched by FLI in 2023.
“We are also excited about the strong performance of our leasing businesses, including malls, offices, industrial spaces, co-living, and co-working spaces. We anticipate further expansion opportunities for FLI in the coming year,” Las Marias said.
FLI’s office segment posted a two percent improvement in revenue to P4.66 billion last year, driven by higher occupancy rates and rate escalations.
FLI said timely adjustments to manage operating expenses of its office properties helped maintain its net income contribution of 33 percent.
Revenue from its mall business, meanwhile, surged by 32 percent to P2.21 billion on the back of higher mall occupancy, increased shopper traffic, and normalized rental rates across FLI’s prominent malls.
“Our stellar performance in the mall business was driven by the increase in occupancy and tenant sales and reduced direct operating expenses led to a record growth in EBITDA of 47 percent,” Las Marias said.
FLI said it also recognized revenues from its new ventures, including coliving in Filinvest Mimosa+ Leisure City and its industrial park in New Clark City.
“This success highlights our dedication to providing high-quality homes within vibrant communities tailored to meet the needs of our discerning homebuyers. Our unwavering commitment to building the Filipino dream remains steadfast,”Las Marias said.