Filinvest Development Corp. (FDC) of the Gotianun family expects its net income to reach pre-pandemic levels this year as core businesses deliver strong growth.
FDC president and chief executive Rhoda Huang said in a press briefing the group aimed to grow its net income by at least 20 percent annually over the next five years.
“This year,” Huang said, when asked when FDC’s net income would return to pre pandemic levels.
FDC recorded a record profit of P12 billion in 2019. This went down to P8.46 billion in 2020, P6 billion in 2021 and P5.65 billion in 2022 due to the impact of the COVID-19 pandemic.
The conglomerate’s net income attributable to equity holders of the parent company recovered in 2023 as profit jumped 58 percent to P8.9 billion, boosted by increased revenues across its business segments.
This was on the back of a 33-percent increase in consolidated revenues to P17.2 billion, driven by higher volume and average selling prices.
The group’s banking and financial services delivered a net income contribution to the group of P4.6 billion, equivalent to 39 percent of FDC’s bottom line.
The property business, composed of the real estate and hospitality segments, delivered a combined P3.8 billion or 32 percent of the total.
The power subsidiary contributed P2.9 billion in net income or 24 percent of the total, while the balance of 5 percent came from other businesses.
“We look forward to sustaining the strong momentum in 2023,” Huang said.
FDC has strategic holdings in key industries such as real estate development and leasing, banking and financial services, hotel and resort management, power generation and sugar.
It recently ventured into infrastructure space and renewable energy to provide new growth opportunities for the company.
