Filinvest nets P5.5 billion in H1, up 41%

Gotianun-led conglomerate Filinvest Development Corp. (FDC) saw its net income grow by high double-digits in the first half of 2024 amid strong performance across its banking, power, property, and hospitality businesses.

In a disclosure to the Philippine Stock Exchange, FDC reported a net income of P5.5 billion from January to June, up 41% compared to the first semester of 2023's P3.9 billion.

This was on the back of a 30% year-on-year revenue growth of P55.5  billion due to increased revenues across its business segments.

“FDC’s strong performance in the first half of 2024 was broad-based, led by banking, power, and real estate. We look forward to sustaining our robust growth as we keep honing our strategies and operations, and as we implement important capital investments for long-term growth,” said FDC President and CEO Rhoda Huang.

FDC said its banking segment  (EastWest Bank) made the biggest contribution to revenues in the first half, accounting for 44% of the total.

This was followed by power (FDC Utilities Inc.) and real estate (Filinvest Land Inc.,  Filinvest Alabang Inc., and Filinvest REIT Corp.) with each adding 23%.

The hospitality or hotel business under Filinvest  Hospitality Corp. accounted for 4% of the revenues, while the balance was distributed among other industries.

FDC ended the first six months of 2024 with total assets of P776.8 billion.

For the entire year, the company expects a total capital expenditure of P26 billion, 61% of which is allotted to real estate projects, 20% to power projects, 9% for the hospitality business expansion, and the balance for other businesses. — DVM, GMA Integrated News