First Philippine Holdings LogoFor the year ended December 31, 2018, recurring net income (RNI) attributable to First Philippine Holdings Corporation (FPH) reached P10.4 billion, higher by P3.6 billion or 53% compared to last year’s P6.8 billion, driven by the stronger operating results of the group’s energy, real estate, construction and manufacturing businesses. 

Net income attributable to FPH also increased by P4.4 billion or 76%, from P5.9 billion to P10.3 billion, reflecting the growth in RNI slightly reduced by net nonrecurring losses booked during the year largely on account of unfavorable forex movements.

The FPH Group’s total revenues increased by P20.5 billion, or 20%, from P104.9 billion in 2017 to P125.4 billion in 2018 primarily driven by higher sale of electricity following favorable spot market prices and the effectivity of the San Gabriel power supply agreement with Meralco; higher completion and sales booking of Rockwell’s residential development projects; higher earnings from construction and leasing contracts; and higher volume of electrical transformer sales.