FIlinvest Land Inc. reported a net income of P3.52 billion in 2022, down 18 percent a year earlier despite a double-digit growth in revenues.
FLI said revenues grew 12 percent to P19.9 billion in 2022 from P16.86 billion in 2021 on higher sales of housing projects in Cavite, Laguna and Rizal and its medium-rise condo projects in Metro Manila and Davao.
“We are pleased with the continued growth of our residential business, and we expect to sustain this in 2023. Our efforts to boost our international and local sales networks, as well as our investments on digital and online platforms have proven effective. We continue to focus on addressing the needs of our homebuyers,” said FLI president Tristan Las Marias.
Reservation sales went up 13 percent to P18 billion as it launched seven new residential projects with total sales value of P5.9 billion. These projects are located in Teresa in Rizal, San Rafael in Bulacan, Cavite, Pampanga and Metro Manila.
It also launched its first project in Naga, Camarines Sur called Futura Monte Naga—a four mid-rise development.
Mall rental revenues more than doubled in 2022 to P1.68 billion from P796 million in 2021 amid the improvement in malls’ occupancy and foot traffic and the removal of rental concessions.
“We anticipate continued growth in mall rental revenues going forward with the improved shopper traffic,” Las Marias said.
Office leasing revenues reached P4.67 billion, down 3 percent because of challenges brought about by hybrid work arrangements.
Despite the challenges, the company was able to sign new leases for office buildings totaling 19,670 square meters and renewed 28,370 sq. m. or 90 percent of expiring leases in 2022.
FLI said it received commitments from traditional and BPO multinational companies to lease almost 17,000 sq. m. of office space in 2023.
More than 18,400 sq. m., representing 33 percent of the lease expiries for this year, were already renewed as of end-Feb. 2023. The balance is due for renewal in the coming months.
