Filinvest Land posts record 30% growth in profit for 2023

February 28, 2024, 8:48 pm

MANILA – Filinvest Land, Inc. (FLI) reported a net income attributable to equity holders of the parent totaling PHP3.77 billion based on its audited financial statements, posting a record 30-percent increase compared to the previous year.

FLI's total consolidated revenues and other income rose by 13 percent to PHP22.55 billion in 2023, attributed to the solid contributions of residential and leasing business segments.

"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. This was driven by increasing sales to our overseas Filipino workers (OFWs), alongside the strategic expansion and regionalization of our sales network," FLI president and chief executive officer Tristan Las Marias said in a statement.

Las Marias said they anticipate further expansion opportunities for FLI in the coming year given the strong performance of its leasing businesses including malls, offices, industrial spaces, and co-living and co-working spaces.

FLI said the revenue of its residential segment grew 13 percent to PHP14.49 billion in 2023, driven by an accelerated construction progress and the success of housing projects and medium-rise condominiums across strategic locations nationwide.

It said earnings of its mall business increased by 32 percent to PHP2.21 billion, fueled by higher mall occupancy, increased shopper traffic and normalized rental rates across FLI's prominent malls.

That of office segment rose by 2 percent to PHP4.66 billion, given the improved occupancy rates and rate escalations.

FLI recognized revenues from its new ventures, including its co-living business 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 1-percent share in revenues and 4-percent share in net income. (PNA)