First Philippine Holdings Corporation Reported P15.1 Billion Consolidated Net Income in 2023, Up 19%

For the fiscal year ended December 31, 2023, First Philippine Holdings Corporation's (FPH) consolidated net income increased by P2.4 billion, or 19%, from P12.7 billion in 2022 to P15.1 billion, owing to improved operating results in the FPH Group's power generation and real estate segments.

The corresponding Recurring Net Income (RNI) attributable to FPH also increased by P1.0 billion, or 8%, from P12.8 billion to P13.8 billion, reflecting the growth in attributable net income, adjusted for one-time gains and losses primarily related to construction delays and insurance claims, as well as foreign exchange-related fluctuations.

​The FPH Group's overall revenues fell by Php5.4 billion, or 3%, from P170.3 billion in 2022 to P164.9 billion in 2023. The slight downturn was primarily caused by the lower pass-through fuel revenues of the First Gen group, tempered by: (1) improved sales bookings and construction completion of residential development projects under Rockwell Land; (2) an upswing of revenues from the industrial leasing and water utilities businesses of First Philippine Industrial Park and the commercial leasing segment of Rockwell Land; and (3) stable earnings from distribution transformers sold and higher sales from the New Business products of First Philec.

First Philippine Holdings (FPH) is a pioneering holding company with principal interests in clean and renewable energy, premium real estate, manufacturing, construction, healthcare, and education. Since 1961, FPH's businesses are leaders and trailblazers in key industries in the Philippines, powering the diverse needs of a rapidly growing economy.