Filinvest Development Corporation (FDC) achieved a notable milestone in 2024, reporting a net income attributable to equity holders of the parent company of ₱12.1 billion, a 36% increase from the ₱8.9 billion recorded in 2023.
Consolidated net income also increased 29% year over year, reaching ₱15.7 billion. This impressive performance was fueled by a 22% rise in total revenues and other income, which surged to ₱113.4 billion in 2024 from ₱92.8 billion in the previous year, reflecting strong double-digit growth across all business segments.
Revenue and income growth across business segments were as follows: Banking, up 23%; Power, up 40%; Real Estate, up 11%; Hospitality, up 26%; and Sugar, up 15%. FDC’s total revenues and other income in 2024 marked the highest level reported by the company to date.
“2024 has been the most successful year in Filinvest’s history. As we celebrate our 70th anniversary, this record performance underscores the strength of our growth strategy and reinforces our confidence in continuing to thrive in the years ahead. It speaks to our resilience and ability to adapt to changing market conditions and seize opportunities,” said FDC President and CEO, Rhoda A. Huang.
FDC is celebrating its 70th year since its founding by Andrew and Mercedes Gotianun in 1955. From its origins as a small financing company, FDC has diversified into various industries while remaining true to its mission of helping Filipinos achieve their dreams.
The company’s growth was driven by strong contributions from its banking, real estate, and power subsidiaries. The banking and financial services segment generated a net income contribution of ₱5.8 billion, accounting for 39% of FDC’s overall net income. The power sector contributed ₱4.3 billion, or 29%, while the real estate and hospitality segments together contributed ₱4.1 billion, or 27%. Other businesses made up the remaining 5%.
EastWest Bank (EW), FDC’s banking subsidiary and publicly listed entity posted a record net income of ₱7.6 billion in 2024, a 25% year-on-year increase driven by robust consumer loan growth and strong deposit generation. EW’s high-yielding consumer loan portfolio expanded by 16%, representing 82% of its total loan base. The bank’s net interest income grew by 19% to ₱33.5 billion, with a net interest margin (NIM) of 7.8%. Non-interest income also increased by 20% to ₱8.9 billion. Return on equity (ROE) reached 10.8%, marking a return to double-digit levels.
FDC’s real estate business, led by Filinvest Land, Inc. (FLI) and Filinvest Alabang, Inc. (FAI), contributed ₱3.8 billion to the group’s net income in 2024, an increase of 3.2% from the previous year. Residential segment revenues rose by 9% to ₱17.6 billion, driven by higher project completion rates for mid-rise condominiums and housing projects. Mall and rental revenues grew by 11% to ₱8.5 billion, supported by improved occupancy rates and higher net effective rents following a rationalization of discounts and concessions.
The power subsidiary, FDC Utilities, Inc. (FDCUI), reported a net income contribution of ₱4.3 billion in 2024, a 26% growth compared to the previous year. This growth was driven by a 40% increase in revenues to ₱24.5 billion, thanks to higher volumes and average selling prices. All units of its 3x135MW FDC Misamis plant were fully contracted in 2024, with the plant benefiting from the Mindanao-Visayas interconnection project, which was energized in the second half of 2023.
Filinvest Hospitality Corporation (FHC) also showed strong performance in 2024, contributing ₱266 million to the group’s net income. Revenues grew by 26% to ₱4.3 billion, driven by a boost in domestic tourism, increased occupancy rates, and higher average room rates across its seven properties. Revenues from food and beverage (F&B) also contributed ₱1.4 billion. FHC’s portfolio includes approximately 1,800 rooms across seven hotels under the Crimson, Quest, and Timberland Highlands brands.
FDC’s balance sheet remained robust at the close of 2024, with total assets growing by 11% to ₱814 billion. The company maintains healthy debt levels, with a debt-to-equity ratio of 0.74:1 and a net debt-to-equity ratio of 0.46:1, ensuring a comfortable financial position.
“With a solid foundation and a track record of growth, we are poised to continue our path of expansion and embrace future opportunities with confidence,” added Ms. Huang.
