GOTIANUN-LED property developer Filinvest Land, Inc. (FLI) posted an 11% increase in its attributable net income for 2024 to P4.17 billion from P3.77 billion the prior year on higher residential revenue.
Consolidated revenue and other income grew by 8% to P24.45 billion last year from P22.44 billion in 2023, FLI said in a regulatory filing on Thursday.
Residential real estate revenue climbed by 6% to P15.39 billion led by higher percentages of project completion and growing accounts recognized as revenue. Reservation sales reached P19.4 billion.
FLI launched 19 residential projects worth P27 billion last year.
“Our residential business remains stable as we continue to deliver housing products that meet the needs of Filipino families for affordability, quality, and convenience. Our continued success in the housing segment lies in delivering sustainable, value-for-money homes consistent with our mission of building the Filipino dream,” FLI President and Chief Executive Officer Tristan Las Marias said.
Retail leasing revenue surged by 15% to P2.54 billion, while the office business saw a 3% increase in leasing revenue to P4.81 billion.
“Filinvest’s leasing business has also been gaining momentum, with steady growth in both office and retail properties. Our malls are attracting new tenants with innovative concepts, while our offices are experiencing a consistent increase in space take-up. We are optimistic about sustaining this growth trajectory for our rental business this year,” Mr. Las Marias said.
Meanwhile, FLI said its industrial business is gaining momentum. The Filinvest Innovation Park (FIP) – New Clark City saw its pioneer ready-built factory (RBF) locator, battery manufacturer StB Giga, which inaugurated its manufacturing facility and started operations in September last year.
The company also saw the entry of ALPLA Philippines, Inc. to FIP-Ciudad de Calamba in Laguna, which leased two RBF units to expands its plastics manufacturing and recycling footprint.
FLI raised P12 billion from a retail bond issuance that was listed on the Philippine Dealing and Exchange Corp. (PDEx) on Wednesday.
The issuance consists of five-year bonds due 2030 with an interest rate of 6.2916%, seven-year bonds due 2032 with an interest rate of 6.6550%, and ten-year bonds due 2035 with an interest rate of 6.8312%. The proceeds will be used to fund capital expenditures and refinance debt.
It is the second tranche of FLI’s P35-billion shelf-registered bonds approved in 2023. The first tranche, which raised P11.4 billion, was issued in December 2023.
On Thursday, FLI stocks rose by 4.29% or three centavos to 73 centavos per share. — Revin Mikhael D. Ochave