GOTIANUN-LED conglomerate Filinvest Development Corp. (FDC) saw its attributable net income for the third quarter climb by 96.5% to P3.91 billion, led by growth across its business segments.
The conglomerate’s revenues increased by 35.7% to P27.04 billion from P19.93 billion a year ago, its financial statement showed.
Costs and expenses climbed by 38.4% to P25.08 billion from last year’s P18.12 billion.
From January to September, the company’s attributable net income jumped by 59% to P9.45 billion from P5.93 billion previously.
“The net income in the first nine months of 2024 was at a record high for comparative periods,” FDC President and Chief Executive Officer Rhoda A. Huang said.
“The strong performance was across the Group’s business segments and we look forward to sustaining this growth trajectory for the balance of the year,” she added.
Total revenues and other income during the period rose by 34.4% to P86.84 billion from the previous year’s P64.6 billion.
For the banking business, EastWest Bank reported a 29% increase to P38.2 billion, driven by the 17% increase in consumer loans leading to higher net interest income.
“Consumer lending remained the bank’s core product, accounting for 83% of the total loan book. This helped push net interest margin to 8.1% versus the 7.7% recorded in the same period in 2023. Meanwhile, noninterest income grew by 39%, in line with banking transaction growth,” the company said.
For the power business, FDC Utilities, Inc.’s revenues improved by 66% to P18.7 billion, buoyed by higher energy sales from its fully contracted 405-megawatt plant in Misamis Oriental.
“The significant rise in power generation and sales was made possible by the Mindanao-Visayas interconnection project that boosted demand,” FDC said.
For the real estate business, Filinvest Land, Inc. (FLI), Filinvest Alabang, Inc., and Filinvest REIT Corp. contributed P21.8 billion to total revenues, higher by 27% from last year.
Filinvest Hospitality Corp., the conglomerate’s hotel business, reported a 39% increase in revenues to P2.9 billion.
On Wednesday, FDC shares were unchanged at P5.40 apiece. FLI shares were unchanged at P0.80 per share. EastWest shares climbed by 0.81% to P9.80 each. — Sheldeen Joy Talavera