Gotianun-led property developer Filinvest Land Inc. (FLI) reported a 30 percent hike in attributable net income to P3.77 billion last year on the back of the solid contributions of its residential and leasing business segments.
In a disclosure to the Philippine Stock Exchange (PSE), the firm said its total consolidated revenues and other income increased by 13 percent to P22.55 billion in 2023, compared to P19.94 billion in 2022.
“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,” said FLI President and CEO Tristan Las Marias.
He added that “this was driven by increasing sales to our overseas Filipino workers (OFWs), alongside the strategic expansion and regionalization of our sales network.”
“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,” he said.
“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 noted.
FLI’s Residential Segment posted a revenue growth of 13 percent to P14.49 billion, driven by accelerated construction progress and the success of housing projects and medium-rise condominiums across strategic locations nationwide.
Notably, FLI launched P8.7 billion worth of residential projects in key areas such as Rizal, Laguna, Pangasinan, Cebu, Davao, South Cotabato, Zamboanga, and Iloilo Centrale, an 11.4-hectare mixed-use development in Leganes, Iloilo.
Mall Business revenues rose by 32 percent to P2.21 billion, fueled by higher mall occupancy, increased shopper traffic, and normalized rental rates across FLI’s prominent malls.
Office Segment revenues inched up by two percent to P4.66 billion, driven by improved 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 firm said.
FLI also recognized revenues from its new ventures, including co-living in Filinvest Mimosa+ Leisure City and its industrial park in New Clark City, showcasing its diversified portfolio and strategic expansion efforts.
The co-living or dormitel business segment also contributed strongly on its maiden year with a one percent share in revenues and four percent share in net income.
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The article was originally published in Manila Bulletin and written by James A. Loyola.
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