After delivering Php7.0B in net income in 2015, a solid 13% over the previous year, Filinvest Development Corporation (FDC) is ready to power up in 2016. “We are excited this year as we expect to start commissioning the first unit of our 3 x 135 MW coal plant in Misamis Oriental in the second quarter of 2016 while the remaining two units will follow within the year. With the addition of 405MW of much needed power to the Mindanao grid, we look forward to partnering with the region in accelerating growth,” said Josephine Gotianun-Yap, FDC’s President and CEO at the annual stockholders’ meeting on April 29, 2016 at the FDC-owned Crimson Hotel in Alabang. 

Last year, the firm generated revenues of Php49.3B. The bulk of revenues, or 43%, continued to be sourced from the real estate businesses, Filinvest Land, Inc. (FLI) and Filinvest Alabang, Inc. EastWest Bank contributed 37% of revenues while FDC Utilities, Inc. (FDCUI), the group’s power subsidiary, made its first significant contribution at 13%. The balance came from the sugar and hotel businesses. In 2015, FDCUI recognized revenues from its Independent Power Producer Administrator contracts for 40MW of power from Unified Leyte and 100MW of power from Apo 1 & 2 Geothermal Power plants. 

During the stockholders’ meeting, Mrs. Gotianun-Yap stressed that the company has been focused on amplifying its portfolio in growth areas of the economy and the last three years have been a period for major investments. Specifically, these are: the branch-store expansion of EastWest, which grew from 265 branch-stores in 2011 to 433 at the end of 2015; the increase in gross leasable area at FLI, which doubled from 2009 levels; and the upcoming commissioning of all three 135 megawatt (MW) boilers of FDCUI’s coal power plant in Misamis Oriental in 2016. 

“These investing activities are all reasons why the net income, albeit growing steadily, has not kept pace with the increase in revenues. Full year revenues from these investment will be felt in the succeeding years,” she added. 

While delivering solid earnings results, FDC maintained its resilient financial position, ending 2015 with total assets of Php419.5B, 22% over 2014. Stockholders’ equity at year-end was Php97.1B or 8% over the previous year. 

Even with FDC’s aggressive development plans, the firm ended 2015 with a debt-to-equity ratio of 1.04:1 while its net-debt-to-equity ratio was 0.48:1. 

At the end of the meeting, Mrs. Gotianun-Yap announced that dividends would be paid out in the amount of 5.16 centavos per share, for a total payout of Php481M, equivalent to a payout rate of 11%.