Economy · August 6, 2022

Filinvest revenues increased by 7% in the first half

FILINVEST Land Inc. (FLI) announced that it had recorded P9.1 billion in consolidated revenues for the first half of 2022, up 7% year-over-year.

Revenue growth was driven by the strong performance of FLI’s residential and retail business sectors, which contributed 72% to FLI’s consolidated revenue performance for the first half of the year. The leases of offices and the sale of industrial projects constituted the balance of revenues.

FLI’s residential revenues grew 10 percent to £ 5.8 billion during the first six months of 2022. This was fueled by accelerating construction progress and strong performance from its housing projects in Cavite, Laguna and Rizal and its mid-rise condominium projects in Metro Manila and Davao.

FLI’s sales of housing and condominiums increased by 30 percent in the first half over the same period last year, with total option sales of P9.1 billion.

The company’s retail rental revenue also grew 53% in the January through July 2022 period compared to the same period last year. This is thanks to the improvement in occupancy of FLI’s shopping centers and the gradual removal of expired rental concessions.

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Consolidated income before interest and taxes also increased by 5 percent for the first half of 2022 compared to the same period in 2021.

“We are happy to see our sales volume increase to pre-pandemic performance and, happier, to see sales growth recorded in almost all the provinces in which we operate,” said Filinvest Land President Tristan Las Marias. “We have invested to build larger distribution channels both locally and overseas, and now it’s paying dividends for us.”

Filinvest Land also claimed to have launched new condominium projects in Dagupan City, Zamboanga City and new developments in existing communities in Davao City, Cagayan de Oro, Cebu City and Metro Manila.

The developer has also opened several expansions in its housing and subdivision projects in Pampanga, Rizal and Cavite as it expects to complete new launches and expansion projects worth P14 billion for the remainder of 2022.