• Total Revenue and other income up 17% to Php18.44 billion
  • Operating profit up 30% to Php6.83 billion
  • Net income up 8% to Php2.65 billion
  • Residential real estate revenues up 21% year-on-year to Php11.89 billion
  • Reservation (option) sales up 5% to Php15.93 billion

(14 November 2024, Mandaluyong City, Philippines.) Filinvest Land, Inc. (Filinvest Land/PSE: FLI), one of the country's largest property developers, reported a consolidated net income attributable to parent of Php2.65 billion from January to September 2024, an 8% rise year-on-year. Total consolidated revenues and other income rose 17% year-on-year to Php18.44 billion, on the back of a 21% surge in booked residential real estate sales. Leasing revenues, mostly from FLI’s office and retail businesses, grew 7% to 5.71 billion pesos.

Operating profit increased 30% to Php6.83 billion in the first nine months of 2024. This was due to growth across all three major business segments: residential, office leasing, and retail leasing, as well as interest income. Among the three segments, Residential contributed the strongest growth, boosted by middle-income projects, as percentages of completion ramped up and more accounts were recognized as revenue.

Gross profit margins from the residential business, FLI’s core business segment, made a noteworthy 7% improvement to 51% during the period from 44% last year, with better operational efficiency and the removal of capitalized interest.

 “Our strategic focus on our core strengths in the residential business continued to pay off in the first nine months of 2024. As the year comes to a close, we remain unstoppable in delivering property products relevant to Filipinos’ dynamic preferences. We believe that FLI’s success will mean greater value for all our stakeholders,” said Tristan Las Marias, FLI President and Chief Executive Officer.

“Filinvest remains a strong player in the leasing industry with office and retail offerings that attract a diverse array of tenants. Our shopping centers continue to thrive with exciting concepts and our offices can be tailor-fit to lessees’ specific needs. Furthermore, our push to improve occupancy and efficiency in office and retail leasing continues to bear fruit. Aside from this, we continue to be the government’s steadfast partner in nation-building as we deliver high-quality tenant spaces to serve our fellow citizens,” Las Marias continued.

RESIDENTIAL

Filinvest Land’s residential real estate revenues increased a significant 21% year-on-year to Php11.89 billion during the period. With percentages of completion ramping up and more accounts being recognized as revenue, the middle-income segment, which surged 39% year-on-year, drove 1 MEDIA RELEASE For further information, please contact Investor Relations at IR@filinvestland.com the robust growth in Residential and remained the top contributor to residential revenues, at 76% of total.  

Meanwhile, reservation (option) sales for the period grew 5% to Php15.93 billion, driven by a significant double-digit year-on-year surge in sales from Visayas projects, in addition to growth from top-selling medium-rise condominiums in Metro Manila, Zamboanga, and Davao. Over the first nine months of the year, FLI launched 11 new projects worth Php20.35 billion, including The Levels – Catalina Tower in Filinvest City Alabang.

RETAIL

Retail leasing revenues rose 6% year-on-year to Php1.84 billion. Driving the increase were higher occupancy year-on-year and a stronger performance in net effective rents as we rationalized discounts, alongside growth in ancillary businesses such as parking, amusement, and cinemas.  

Filinvest Malls Dumaguete, located at our Marina Town complex, formally opened in September, elevating the retail experience in the area with global F&B chains and other major brands.  

OFFICE

FLI’s office portfolio, including listed company Filinvest REIT Corp. (FILRT), achieved Php3.50 billion in leasing revenues, up 3% year-on-year, with net effective rent and occupied GLA increasing yearon-year. Filinvest is able to attract major tenants across a diverse range of sectors: from IT-BPO firms to traditional corporates, government agencies, schools, and even religious groups. Some of the new tenants signing up during the year include the Ateneo de Manila Graduate School of Business at 2 Workplus Clark Mimosa+, Conceive IVF Manila and Maxicare at Northgate Cyberzone FILRT building in Filinvest City, Alabang.

INDUSTRIAL

FLI’s industrial business is steadily picking up. On September 30, 2024, Filinvest Innovation Park New Clark City's pioneer ready-built factory (RBF) locator, StB Giga, inaugurated its manufacturing facility and commenced commercial operations, the Philippines' first manufacturer of Lithium-IronPhosphate (LFP) batteries. StB Giga is the local entity of Australia-based StB Capital Partners. The facility is housed in two modern, Grade-A RBF units with a total floor area of 5,000 sqm that StB has leased from Filinvest Land. FLI has already recognized rental revenues from STB Giga for 2024.

AWARDS FOR CORPORATE GOVERNANCE AND PROPERTY EXCELLENCE

In September, FLI was honored with a 2-Golden Arrow Award at the Institute of Corporate Directors’ (ICD) ASEAN Corporate Governance Scorecard (ACGS) Golden Arrow Awards. This is the third consecutive year that the ICD recognized FLI, having previously earned a 1-Golden Arrow Award in both 2022 and 2023. Through the ACGS, the ICD aims to elevate the corporate governance standards of Philippine companies in the interest of participants in the capital markets.

FLI has secured two prestigious gold awards—Company of the Year - Real Estate (Large) and Executive of the Year - Real Estate, and for its President and CEO, Tristan Las Marias, at the 2024 2 MEDIA RELEASE For further information, please contact Investor Relations at IR@filinvestland.com Stevie International Business Awards. For Mr. Las Marias, this marks his second recognition at the Stevie Awards, after winning silver last year.

“Throughout the year, FLI remained steadfast on its thrust to deliver quality products and services across all our lines of business. With the projects that we have set forth in motion, including our voluntary capped tender offer, we have secured the future of our company and hope to reassure our homebuyers, tenants, and other stakeholders that we will continue to build the Filipino dream for them,” Las Marias concluded.