FLI confident it will sustain revenue growth

MANILA, Philippines — Filinvest Land Inc. (FLI) said it would continue to build its revenue momentum with the economy well on its way to recovery.

During the company’s annual stockholders meeting yesterday, FLI chief executive officer Josephine Gotianun-Yap said they expect to see continued growth in revenue, driven by the different segments.

Last year, the company recorded consolidated revenues of P19.94 billion, up 12 percent as both residential and mall leasing performed well.

Residential revenues grew 14 percent to P12.84 billion due to accelerated construction progress and strong performance of its housing projects in Cavite, Laguna, and Rizal, and its medium-rise condo projects in Metro Manila and Davao.

“We have set our priorities going forward. Our first order of business is to build back revenue streams to pre-pandemic levels on our growing asset base. In the last decade prior to the pandemic, we grew our residential business at a CAGR of 17 percent and our rental business at a CAGR of 21 percent, and we aim to get back on this track,” said FLI CEO Josephine Gotianun Yap.

Gotianun-Yap said the company is targeting to bring back annual growth rates to pre-pandemic levels.

In the residential business for instance, CAGR is at 17 percent.

FLI president Tristan Las Marias, for his part, said efforts to boost international and local sales networks, as well as investments on digital and online platforms have proven effective.

Moving forward, FLI expressed optimism that the property market would continue to grow this year, with Metro Manila leading the momentum.

“Metro Manila will continue to grow. It’s still the central station for the government,” he said during yesterday’s meeting.

Against this backdrop, he said FLI would continue to come up with offerings across its different businesses.

FLI also plans to capture government agencies for its office business, as well as come up with co-working spaces for small and medium enterprises.

Last year, FLI reported a net income of P2.8 billion, down 24 percent from P3.8 billion a year ago.

Reservation sales grew by 13 percent to P18 billion last year as FLI launched seven new residential projects valued at P5.9 billion located in Teresa in Rizal, San Rafael in Bulacan, Cavite, Pampanga and Metro Manila. It also launched its first project in Naga, Camarines Sur.

The return of foot traffic boosted mall rental revenues to P1.68 billion, more than double the P796 million recorded in 2021.

This was due to improvement in its malls’ occupancy and foot traffic as well as the removal of rental concessions.

At present, FLI’s total land bank is at 2,356 hectares, including leased land for development which the company expects to roll out in the next five to 10 years depending on absorption.