Philippine Daily Inquirer

FILINVEST EYES REPEAT OF PREPANDEMI­C PERFORMANC­E IN ’24

- By Meg J. Adonis

Gotianun-led holding firm Filinvest Developmen­t Corp. (FDC) wants to reclaim this year the record-high earnings it gained prepandemi­c as it doubles down on expansion plans.

FDC president and CEO Rhoda Huang told reporters recently they aimed to achieve a 20-percent annual growth in the next five years.

Hitting the company’s P11.97-billion earnings in 2019 means that it would have to grow its net income by at least 34.50 percent this year, coming from an P8.9-billion profit in 2023.

Its earnings plunged to P8.4 billion in 2020, P6 billion in 2021 and P5.65 billion in 2022 as the economic impact of COVID-19 triggered declines across its business units.

FDC, which has interests in real estate, power and utilities, banking, sugar farming and milling, and hospitalit­y, previously said it would earmark up to P25 billion in capital outlays this year, with 60 percent, or around P15 billion, going to property expansion.

It has residentia­l, commercial and integrated estates through Filinvest Land Inc. and Filinvest Alabang Inc. Combined, the two subsidiari­es accounted for P3.7 billion of the parent company’s bottom line in 2023.

Its utilities and hospitalit­y units, meanwhile, will get up to P3.75 billion each from the outlay.

Through FDC Utilities Inc., FDC plans to pursue more renewable energy projects, starting with a 20-megawatt (MW) solar project in Misamis Oriental province and another 20 MW in Cebu province.

The company is also expanding its Grafik hotel brand via a 200-room facility in Baguio City through Filinvest Hospitalit­y Corp.

As for its sugar business under Pacific Sugar Holdings Corp., Huang said they were looking more at a facility upgrade rather than an expansion.

“We’re targeting improved operating performanc­e only because [of the facilities’] age. It has been a consistent provider in terms of cash flows ... despite the reduction in volumes [in 2020],” she said.

Pacific Sugar is present in Davao del Sur province and Cotabato City in Mindanao. FDC acquired 100 percent of Pacific Sugar in 2007 from AL Gotianun Inc.

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