Filinvest Land income up 2% as reservation sales rise
FILINVEST Land, Inc. on Tuesday reported a 2% increase in net income attributable to equity holders to P3.8 billion last year, driven by high reservation sales and continued construction progress.
The Gotianun-led property developer said it recorded a 15% growth in residential revenues in 2021 amounting to P11.27 billion. Reservation sales were up 5% to P16 billion.
“We are happy with the results of our digital transformation that made our business more accessible to sales networks and clients here and abroad. As we accelerate our construction pace and execute faster on our expansion plans, we expect to sustain our growth momentum throughout 2022 and beyond,” said Filinvest Land Chief Strategy Officer and Residential Business Head Tristan D. Las Marias in a press release.
Last year, the company launched P6.7-billion worth of residential projects, including those in Metro Manila, Pampanga, Cagayan de Oro and Davao. It also expanded into Dagupan, Pangasinan with Fora Dagupan, a mixed-use township, and Futura One Dagupan, the city’s first master planned condo community.
On Monday, Filinvest Land was included in the newly launched PSE MidCap Index, which was designed to capture the performance of mid-sized companies in the Philippines.
Last year, the company received P12.6 billion from the initial public offering of Filinvest REIT Corp., its real estate investment trust company. The proceeds of the offering will be used to finance Filinvest Land’s office, industrial, retail, and residential projects.
In December, Filinvest Land also raised P10 billion from a bond issuance.
“We are also grateful for the trust of the investor market in Filinvest Land. This allowed us to undertake successful fund-raising activities in the past year. These funds will allow us to accelerate the implementation of our expansion plans and continue building the Filipino dream,” said Filinvest Land President Josephine Gotianun Yap.
The developer has built more than 200 residential developments across the country. It is developing two townships in the Clark Special Economic Zone, including an industrial and logistics park, and a mixed-use development at New Clark City and Filinvest Mimosa+ Leisure City in partnership with Filinvest Development Corp.
Filinvest Land shares were up by 0.93% or P0.01 to close at P1.08 apiece on Tuesday. — Luisa Maria Jacinta C. Jocson
