Filinvest Land net income climbs 30% at P3.77B
GOTIANUN-LED Filinvest Land, Inc. (FLI) said its 2023 attributable net income jumped by 30% to P3.77 billion led by higher revenues.
In a regulatory filing on Wednesday, the listed property developer said its consolidated revenue and other income rose by 13% to P22.55 billion in 2023 from P19.94 billion in 2022 due to higher contributions from its residential and leasing segments.
“This was driven by increasing sales to our overseas Filipino workers, alongside the strategic expansion and regionalization of our sales network,” FLI President and CEO Tristaneil D. Las Marias said.
“We are also excited about the strong performance of our leasing businesses, including malls, offices, industrial spaces, co-living, and co-working spaces,” he added.
FLI’s residential segment logged a 13% revenue growth to P14.49 billion carried by “accelerated construction progress and the success of housing projects and medium-rise condominiums across strategic locations nationwide.”
Revenue from its mall business jumped by 32% to P2.21 billion led by higher mall occupancy, increased shopper traffic, and normalized rental rates across the company’s malls including Festival Mall in Alabang, Main Square in Bacoor City, Fora in Tagaytay City, and IL Corso in City Di Mare, Cebu City.
“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 earnings before interest, taxes, depreciation, and amortization of 47%,” Mr. Las Marias said.
FLI’s office segment revenue climbed by 2% to P4.66 billion carried by better occupancy rates and rate escalations.
The company also recognized revenues from its new ventures such as co-living in Filinvest Mimosa+ Leisure City and its industrial park in New Clark City. The co-living or dormitel business segment also contributed on its maiden year with a 1% share in revenues and 4% share in net income.
FLI launched P8.7-billion worth of residential projects last year. The projects are located in Rizal, Laguna, Pangasinan, Cebu, Davao, South Cotabato, Zamboanga, and Iloilo.
Meanwhile, Mr. Las Marias said the company anticipates further expansion opportunities for FLI in 2024.
“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,” Mr. Las Marias said.
On Wednesday, FLI shares closed unchanged at 71 centavos apiece. — Revin Mikhael D. Ochave
