Filinvest Land, Inc. Reported a PHP 3.77 Billion Net Income in 2023, Up 30%

Filinvest Land, Inc., one of the Philippines' top real estate developers, declared a net income attributable to equity holders of the parent totaling PHP 3.77 billion in its audited financial statements, a record 30% increase over the previous year.

FLI's total consolidated revenues and other income increased by 13% in 2023, to Php22.55 billion from Php19.94 billion in 2022. This outstanding increase can be credited to the strong contributions of FLI's residential and leasing businesses.

"We are very pleased to report Filinvest Land's financial results in 2023 which were driven by the consistent and robust performance of our residential business segment. This was driven by increasing sales to our overseas Filipino workers (OFWs), alongside the strategic expansion and regionalization of our sales network," said Tristan Las Marias, President and Chief Executive Officer of FLI.

Las Marias added, “We are also excited about the strong performance of our leasing businesses, including malls, offices, industrial spaces, co-living, and co-working spaces. We anticipate further expansion opportunities for FLI in the coming year. Our stellar performance in the mall business was driven by the increase in occupancy and tenant sales and reduced direct operating expenses led to a record growth in EBITDA of 47%."

Residential Segment: Revenue increased by 13% to Php14.49 billion, led by rapid building progress and the success of housing projects and medium-rise condominiums in important locations across the country. Notably, FLI announced P8.7 billion in residential projects in major areas like Rizal, Laguna, Pangasinan, Cebu, Davao, South Cotabato, Zamboanga, and Iloilo Centrale, a 11.4-hectare mixed-use complex in Leganes, Iloilo.

Mall Business: Revenue climbed by 32% to Php2.21 billion, driven by better mall occupancy, increased consumer traffic, and normalized rental rates at FLI's major malls, including Festival Mall in Alabang, Main Square in Bacoor City, Fora in Tagaytay City, and IL Corso in City Di Mare, Cebu City.

Office Segment: Revenue increased by 2% to PHP 4.66 billion, boosted by higher occupancy rates and rate increases. Timely modifications to control operational expenses at our office assets helped maintain a 33% net income contribution. FLI has formed a joint venture with KMC Community, Inc., allowing the company to expand into new markets through a new endeavor in co-working spaces, increasing income and occupancy of its office facilities.

New Ventures: FLI generated revenue from new projects, such as co-living in Filinvest Mimosa+ Leisure City and an industrial park in New Clark City, demonstrating its diverse portfolio and smart expansion activities. The co-living or dormitel business segment also made a significant contribution in its first year, accounting for 1% of revenue and 4% of net profits.
​
Filinvest Land also got several highly commended honors from Lamudi at the Outlook Philippine Real Estate Awards. The company's Executive Leadership Team, led by Tristan Las Marias, was also named the Philippines Team of the Year in the Real Estate category at the Asian Management Excellence Awards, recognizing FLI's remarkable achievements in the real estate sector. 

“This success highlights our dedication to providing high-quality homes within vibrant communities tailored to meet the needs of our discerning homebuyers. Our unwavering commitment to building the Filipino dream remains steadfast,” said Las Marias.

As FLI continues to pursue expansion and innovation, the company remains committed to providing excellent value to its stakeholders while also contributing to the development of vibrant, sustainable communities around the Philippines.

​Filinvest Land, Inc. (FLI) is one of the country’s leading full-range property developers. For over 50 years, the company has built a diverse project portfolio spanning the archipelago including large-scale townships: Havila (306 hectares), Timberland Heights (677 hectares) and Manna East (60 hectares) in Rizal, Ciudad de Calamba (350 hectares), The Wood Estates in Cavite (94 hectares) City di Mare in Cebu (50 hectares), and Palm Estates in Talisay City (51 hectares). FLI has since built more than 200 residential developments across the country. FLI owns 20% of Filinvest Alabang, developer of Filinvest City (244 hectares), a central business district in southern Metro Manila. FLI is also developing two townships in the Clark Special Economic Zone: its industrial and logistics park and mixed- use development at New Clark City (288 hectares) and Filinvest Mimosa+ Leisure City (201 hectares) in partnership with Filinvest Development Corporation.