Filinvest Development Corp. (FDC) is confident it will hit its pre-pandemic profit this year on improving fundamentals.
Rhoda Huang, FDC chief executive officer, earlier said the company is targeting a 20 percent growth in profit from P12.1 billion last year.
Last year’s profit was 46 percent higher than the prior year’s P8.3 billion. Revenues were at P92.8 billion, up 31 percent from P71.1 billion.
“…(prospects in 2024) are good. When you look at the controlled inflation, interest rates… there is a drive in terms of a consumer-led economy… it’s very positive,” Huang said.
“We’re well- positioned for banking (EastWest Bank) and real estate (Filinvest Land Inc. and Filinvest Alabang Inc.) notwithstanding high interest rates,” she added.
Huang said despite prev ailing high interest rates, Filinvest Land has shown the ability to sell its inventories and rack up revenues.
Filinvest Land continues to do well in this niche which consists mainly of houses and condominium units priced below P3.6 million each as these remain affordable and have access to financing.
“We’re really looking at mid-rise (buildings) in terms of township development. So there are clusters (of mid-rise buildings) for this purpose,” Huang said.
FDC is looking to spend as much as P25 billion in capital spending this year to drive growth.
Bulk of the spending will go to Filinvest Land, 15 percent for the group’s power projects, another 15 percent for FDC’s hospitality business, and the remaining 10 percent for other businesses and digitalization.
