Filinvest nets P12.1B in 2023, up 46%

Gotianun-led Filinvest Development Corporation (FDC) saw a nearly 50% increase in its consolidated net earnings in 2023, driven by strong financial performance across its businesses.

In a disclosure to the Philippine Stock Exchange on Wednesday, FDC reported a consolidated net income of P12.1 billion last year, up 46% year-on-year.

The company said the bottom line growth was on the back of a 31% rise in revenues to P92.8 billion in 2023 from P71.1 billion in 2022, “following a double-digit improvement across all business segments.”

FDC reported that its banking business posted a 35% revenue growth while its real estate business saw a 20% top-line increase.

The company added that its hospitality, power, and sugar businesses posted respective growths of 77%, 35%, and 16% in terms of revenues last year.

“This past operating year was marked by robust growth in all our business lines. The key to our success was a renewed focus on the fundamentals of our business, staying true to our key strategic imperatives, and [relying] on our core strengths as an organization,” said FDC president and CEO Rhoda Huang. — VBL, GMA Integrated News