Filinvest Land posts 30% growth in 2023 profit

Listed property developer Filinvest Land Inc. (FLI) on Wednesday reported a record 30% growth in its bottom line for 2023, which it attributed to the jump in residential sales primarily to overseas Filipino workers (OFWs).

In a regulatory filing, FLI said its net income attributable to equity holders grew to P3.77 billion, as consolidated revenues grew by 13% to P22.55 billion from P19.94 billion.

Residential revenues grew 13% to P14.49 billion, as the company launched P8.7-billion worth of residential projects in Rizal, Laguna, Pangasinan, Cebu, Davao, South Cotabato, Zamboanga, and Iloilo.

“This was driven by increasing sales to our overseas Filipino workers, alongside the strategic expansion and regionalization of our sales network,” FLI president and chief executive officer Tristan Las Marias said.

FLI operates townships such as the 306-hectare Havila, the 677-hectare Timberland Heights, and the 60-hectare Manna East in Rizal; the 350-hectare Ciudad de Calamba and 94-hectare The Wood Estates in Cavite; the 50-hectare City Di Mare in Cebu, and the 51-hectare Pam Estates in Talisay City.

The mall business — which includes Festival Mall in Alabang, Main Square in Bacoor, Fora in Tagaytay City, and Il Corso in City Di Mare, Cebu City — saw a 32% increase in revenues to P2.21 billion on the back of higher mall occupancy, higher shopper traffic, and normalized rental rates.

“We are also excited about the strong performance of our leasing businesses, including malls, office spaces, co-living, and co-working spaces. We anticipate further expansion opportunities for FLI in the coming year,” Las Marias said.

The office segment saw a 2% increase in revenues to P4.66 billion, as the company reported improved occupancy rates and rate escalations during the period, along with “timely adjustments” to manage its operating expenses.

FLI owns 20% of Filinvest Alabang, the developer of the 244-hectare Filinvest City in southern Metro Manila. It is also developing a township in the Clark Special Economic Zone, and a partnership with Filinvest Development Corp.—AOL, GMA Integrated News