Power, real estate fuel FPH earnings in 2023

MANILA, Philippines — Strong contributions from power generation and real estate segments fueled a nearly 20-percent jump in the earnings of First Philippine Holdings Corp. (FPH) in 2023.

The listed holding company of the Lopez Group registered a net income attributable to parent of P15.1 billion in 2023, up 19 percent from P12.7 billion the previous year.

Recurring net income attributable to FPH likewise grew by eight percent to P13.8 billion from P12.8 billion.

FPH attributed its strong 2023 operating results to the group’s power generation and real estate segments.

Revenues of the company, however, dipped by three percent to P164.9 billion in 2023 from P170.3 billion in 2022, mainly caused by the lower pass-through fuel revenues of the First Gen group.

However, this was tempered by improved sales bookings and construction completion of residential development projects under Rockwell Land Corp. as well as the upswing of revenues from the industrial leasing and water utilities businesses of First Philippine Industrial Park and commercial leasing segment of Rockwell Land.

FPH also saw stable earnings from distribution transformers sold and higher sales from the new business products of First Philec during the year.

FPH is a holding company with principal interests in clean and renewable energy, real estate, manufacturing, construction, healthcare and education.

Its subsidiaries include First Gen Corp., Batangas Cogeneration Corp., First Philec Inc., Rockwell Land and First Balfour Inc.