FDC eyes return to pre-COVID-19 profit

MANILA, Philippines — Filinvest Development Corp. (FDC), the listed conglomerate of the Gotianun family, is bullish on its growth prospects this year, with the company setting its sights on returning to pre-pandemic profit levels.

Despite a strong performance in 2023, FDC president and CEO Rhoda Huang said the company has yet to return to its pre-pandemic levels.

However, Huang said the target is to hit it this year.

The FDC executive said 2019 was the highest net income attributable to parent equity holder recorded by the company at P11.97 billion, up from the previous year’s P9.77 billion.

Last year, FDC saw net income attributable to equity holders of the parent company soar by 58 percent to P8.9 billion from P5.7 billion in 2022.

The increase came on the back of a double-digit improvement across all of the group’s business segments.

FDC is looking forward to sustaining the strong momentum in 2023, with the goal of accelerating growth.

Huang said FDC is eyeing an annual growth of at least 20 percent over the medium term.

“What we’ve announced is a four or five-year plan in terms of 20 percent annual growth,” she said.

FDC is earmarking between P20 billion and P25 billion in capital expenditures for 2024 to expand its presence in real estate and power generation, as well as support its ongoing digitalization efforts.

Huang earlier said infrastructure is a segment where the group is keeping a close eye on for expansion opportunities.

“We’re always looking for more opportunities for growth. New pillars in terms of enhancing the current portfolio,” she said.