Filinvest Development Corp. (FDC) said it realized a profit of P5.7 billion last year, down 7 percent from P6.1 billion the prior year.
Revenues grew 13 percent to P71.1 billion resulting from a recovery across all the major businesses.
“Together with the cost containment efforts, EBITDA (earnings before interest tax depreciation and amortization) expanded by 5 percent to P21.0 billion. However, provision for income tax rose by 153 percent to P2.4 billion driven by the one-time tax benefit arising from the CREATE law in 2021 for the real estate subsidiaries that led to a 7 percent miss in net income from the P6.1 billion of the previous year,” the company said.
“Our financial performance in 2022 demonstrates our portfolio’s resilience and strength amidst the various economic headwinds that beset us. We are pleased with the steady recovery and improvement of each of our businesses towards last year’s second half. This gives us confidence that the trend will continue in 2023 with the support of a healthy macroeconomic environment,” said Josephine Gotianun-Yap, FDC president.
The company closed 2022 with assets worth P687 billion.
“FDC has adequate resources to pursue growth opportunities having a comfortable debt-to-equity ratio of 0.83:1,” it said.
FDC said its banking and financial services business accounted for 42 percent of bottom line, contributing a net income of P4.4 billion to the Filinvest group. This was followed by the property business which posted a combined P3.5 billion or 33 percent of total.
The power business contributed P2.2 billion in net income or 21 percent of total, while the balance of 4 percent came from other businesses.
EastWest Bank posted a profit of P4.4 billion last year, up 42 percent from P4.3 billion, if the one-time gain in 2021 is removed.
“This growth was driven by the improvement in core revenues brought about by the build-up of fixed-income securities and the increase in loan releases during the second half of the year,” FDC said.
Return on equity (ROE) was at 7.7 percent.
Filinvest Land Inc. and Filinvest Alabang Inc. contributed P4.9 billion in net income before tax to the group in 2022, 15 percent higher than the P4.3 billion in 2021.
“Revenues from the residential segment rose by 11 percent to P13.3 billion as a result of construction progress. Mall and rental revenues saw an improvement of 15 percent to P6.7 billion with the gradual reduction of rental concessions, reinstatement of escalation rates and increased mall occupancy levels. Net income after tax from the real estate business hit P4.1 billion,” FDC said.
FDC Utilities Inc. posted a profit of P2.2 billion, up 6 percent. Revenues grew 37 percent to P12.9 billion.
Filinvest Hospitality Corp. posted a revenue of P1.9 billion, up 60 percent buoyed by the steady resurgence of tourism.
