FILINVEST Land Inc. (FLI) announced it recorded P9.1 billion in consolidated revenues for the first half of 2022, up 7 percent year on year.
The revenue growth was driven by strong performances from FLI’s residential and retail business sectors as they contributed 72 percent to FLI’s consolidated revenue performance for the first half of the year. Office leasing and sale of industrial projects made up the balance of the revenues.
FLI’s residential revenues grew by 10 percent to P5.8 billion during the first six months of 2022. This was fueled by accelerated construction progress and strong performance of its housing projects in Cavite, Laguna and Rizal, and its medium-rise condominium projects in Metro Manila and Davao.
FLI’s sales of housing and condominium units registered a 30-percent increase in the first half compared to the same period last year with total option sales of P9.1 billion.
The company’s retail rental revenues also grew by 53 percent in the January-to-July period of 2022 in comparison to the same period last year. This due to improvement in FLI’s mall occupancy and the gradual removal of expired rental concessions.
Consolidated income before interest and taxes also grew by 5 percent for the first half of 2022 versus 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 where we operate,” Filinvest Land President Tristan Las Marias said. “We have invested to build bigger distribution channels both locally and abroad, and now it is paying dividends for us.”
Filinvest Land also said it has 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 also opened several expansions in its housing and subdivision projects in Pampanga, Rizal and Cavite as it estimates to complete P14-billion worth of new launches and expansion projects for the rest of 2022.