Filinvest Development Corporation (FDC) is evolving as one of the fastest-growing conglomerates in the Philippines. As the parent company of diverse businesses contributing to key sectors driving economic progress, FDC is focusing on new strategies to ensure growth and excellence, showcasing remarkable financial results in the first nine months of 2024.
FDC’s net income attributable to equity holders of the parent company for the first nine months of the year grew by 59% to P9.5 billion, compared to last year’s P5.9 billion net income for the same period. For the third quarter of 2024, net income grew by 97 percent to P3.9 billion from P2.0 billion in the same period in 2023. Total revenues and other income for the first nine months of 2024 rose by 34 percent versus the same period in 2023 to P86.8 billion. The growth was broad-based, led mainly by the banking, power, and property businesses.
EastWest Bank, Filinvest Land Inc. (FLI), Filinvest Alabang Inc. (FAI), FDC Utilities Inc. (FDCUI) and Filinvest Hospitality are building on their core strengths to propel the parent company’s growth. FDC has likewise identified the hospitality business and renewables as new growth engines.
Banking Sector’s Consumer Growth
EastWest Bank remains a strong pillar within the Filinvest Group, accounting for 38% of the conglomerate’s bottom-line in the first nine months of 2024. Its contribution was driven by the consumer loans, which remain the Bank’s core product.
Celebrating its 30th year, it renews its commitment to further innovate its banking services, honoring the trust of its customers and continuously finding ways to create simple and secure banking solutions.
East West Banking Corporation has launched its new mobile banking app, EastWest EasyWay, as it accelerates core digital and physical initiatives. The EasyWay app was designed to seamlessly integrate into other platforms, Komo and ESTA, offering a comprehensive suite of digital solutions for the bank’s diverse consumer needs. It allows users to make quick and secure payments, transfers and transactions, enhancing the convenience of banking.
A Commitment to Energy Security
The power subsidiary, FDCUI, contributed significantly to FDC’s growth trajectory, accounting for 29% of its bottom-line, with higher energy sales from its fully contracted 405-MW plant in Misamis Oriental in Mindanao.
FDCUI recently started the construction of its 20.75-MW Misamis Solar Power Project within the PHIVIDEC Industrial Estate in Misamis Oriental, which has the potential to inject 30,450 MW-hours of clean energy annually into the grid.
Additionally, through its subsidiary, FDC Renewables Corporation, it was recently awarded by the Philippine Board of Investments (BOI) with a Green Lane Certificate of Endorsement to fast-track the development of its 33.4 MW Pampang Hydroelectric Power Project located in the municipalities of Santa Fe, Nueva Vizcaya and San Nicolas, Pangasinan.
FDCUI is committed to empowering communities by providing reliable and affordable electricity nationwide.
Expanding in Next-Wave Cities
On a stand-alone basis, Filinvest Land Inc. reported a consolidated net income attributable to the parent of P2.65 billion for the first nine months of 2024. This was bolstered by an increase in residential real estate sales and increasing revenues from retail and leasing.
As a full-range developer, FLI has launched ten new projects in next-wave cities and fast-growing suburbs close to underserved populations, including Davao City, Naga, Dumaguete, Cavite, Laguna, Batangas and Rizal.
FLI’s retail business officially opened Filinvest Malls Dumaguete, while a new mall within Filinvest Mimosa Plus Leisure City is expected by 2025.
Continuing to provide value-for-money homes, and future-ready townships, FLI was recently named Developer of the Year at the FIABCI Philippines Property and Real Estate Excellence Awards.
FLI was also honored by the Dot Property Philippines Awards 2024 with the titles of Best Developer Luzon, Best Developer Mindanao and a Special Recognition Award for Corporate Social Responsibility (CSR).
FLI-sponsored, Filinvest REIT Corp. (FILRT) continues to sign new leases. FILRT recently signed a lease expansion contract with a leading New Zealand-based engineering and architectural solutions firm based in Auckland, NZ and entered a lease agreement with a Singapore-based BPO company.
Meanwhile, Filinvest City stays committed to exemplifying the group’s commitment to offer a diverse range of parks and recreational areas that are tailored to various leisure activities through its expansive park system that integrates nature into urban life.
Accelerating Hospitality
Revenues and other income from hotel operations under Filinvest Hospitality Corporation (FHC) widened by 39 percent compared to the same period last year made possible by the resurgence in domestic tourism and international arrivals.
As a testament to Filinvest’s commitment, FHC continues enhancing guest experiences at their well-established hotel brands—Crimson Hotels & Resorts, Quest Hotels & Resorts, Mimosa Plus Golf Course, Timberland Highlands Resort and Timberland Mountain Bike Park in San Mateo, Rizal.
FDC remains focused on its vision of enabling Filipino dreams with a long-term growth strategy underpinned by a commitment to sustainability, agility, and customer excellence.
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