FDC’s income increased 41% in first half

Conglomerate Filinvest Development Corp. (FDC) said Thursday its net income attributable to equity holders of the parent company grew 41 percent to P5.5 billion in the first half of 2024 from P3.9 billion in the same period last year.

FDC said in a disclosure to the stock exchange total revenues and other income in the first half rose 30 percent year-on-year to P55.5 billion.

The group’s banking business accounted for 38 percent of FDC’s net income. This was followed by power with 31 percent; property business, composed of the real estate and hospitality segments, 22 percent; and sugar milling, 9 percent.

“FDC’s strong performance in the first half of 2024 was broad-based, led by banking, power, and real estate. We look forward to sustaining our robust growth as we keep honing our strategies and operations, and as we implement important capital investments for long-term growth,” FDC president and chief executive Rhoda Huang said.

Net income grew 46 percent year-on-year to P2.6 billion in the second quarter, led by banking, power and property businesses.

EastWest Bank’s top-line growth was driven by a 22-percent increase in consumer loans resulting in a 28-percent rise in net interest income.

Power subsidiary FDC Utilities Inc. (FDCUI) reported a 75-percent increase in revenues in the first half, on the back of higher energy sales from its fully contracted 405-MW plant located in Misamis Oriental in Mindanao.

Real estate business, composed of subsidiaries Filinvest Land Inc., Filinvest Alabang Inc. and Filinvest REIT Corp., generated 18 percent higher revenue versus the same period last year from improved residential sales and mall rentals. Jenniffer B. Austria

Hotel operations under Filinvest Hospitality Corp. saw its revenues increase 49 percent compared to the same period last year on continued rebound in domestic tourism and international arrivals. This led to higher room occupancy and rates across its brands.

The Filinvest group earmarked P26 billion for 2024 capital expenditure, of which 61 percent is allotted for real estate projects, 20 percent for power projects, 9 percent for the expansion of the hospitality business and the balance for other businesses.