Filinvest Land, Inc. (FLI), one of the country’s largest real estate developers, reported net income attributable to equity holders of the parent of P2.44 billion for the first nine months of 2023, representing an increase of 22% compared to the same period a year ago. Third quarter net income amounted to P1.05 billion, 63% higher than second quarter and 32% higher than the same quarter last year.
Total consolidated revenues and other income increased by 11% year-on-year from Php14.19 billion in 2022 to Php15.72 billion in 2023 as the property developer’s residential and mall business segments posted healthy growth. Total consolidated revenues and other income for the third quarter rose 11% compared to the second quarter and 15% compared to the third quarter last year.
“We are very happy to report that Filinvest Land continued to achieve growth in its residential and retail mall business segments. Our strong and consistent residential performance was made possible by the continuing demand for value-for-money homes. We are also very pleased that the retail mall business continued to grow,” said Tristan Las Marias, FLI President and Chief Executive Officer.
Residential revenues grew 9% to Php9.83 billion on accelerated construction progress and on the strong performance of Filinvest Land’s housing projects and medium-rise condominium projects. For the period January to September 2023, FLI launched a total of P6.6 billion worth of residential projects in Rizal, Laguna, Pangasinan, Cebu, Davao, South Cotabato, and Zamboanga. Residential revenues for the third quarter increased 15% compared to the second quarter and 20% compared to the third quarter last year.
The mall business grew by 57% to Php1.75 billion due to the increase in mall occupancy and rise in shopper traffic as well as normalized rental rates. Filinvest Malls include Festival Mall in Alabang, Main Square in Bacoor City, Fora in Tagaytay City, and IL Corso in City di Mare, Cebu City.
FLI also recognized revenues from its new co-living business in Filinvest Mimosa+ Leisure City.
Office revenues slightly declined by 2% to P3.40 billion due to continuing challenges in the sector from flexible work arrangements.
Last October, Filinvest Land received multiple Highly Commended citations at The Outlook Philippine Real Estate Awards by Lamudi, namely Best Affordable Condo in Luzon for Panglao Oasis, Best Premium House in Luzon for Amarilyo Crest, Best Affordable Condo in Visayas and Mindanao for Marina Spatial, and Best Developer in Visayas and Mindanao. Mira Valley was also named Silver Awardee for Best Premium House in Luzon.
Filinvest Land was also recently recognized for its exemplary adherence to regional corporate governance practices at the Institute of Corporate Directors’ annual ASEAN Corporate Governance Scorecard Golden Arrow Awards.