First Philippine Holdings Corporation’s (FPH) attributable recurring net income (RNI) for the year ended Dec. 31, 2021 amounted to P10.1 billion, a P649 million or 7% improvement from last year’s P9.4 billion.

The upturn was driven by the stronger operating results of the FPH Group’s real estate, manufacturing and construction and energy services businesses, mainly reflecting the financial impact of the reopening of the economy and the easing of COVID-19-related community quarantine restrictions implemented by the government this year compared to 2020.

The consolidated net income attributable to FPH also increased by P161 million or 2%, from P9.9 billion to P10.0 billion, reflecting the growth in RNI partly reduced by the net nonrecurring losses reported during the year largely on account of pandemic-related expenses incurred by the group coupled with the unfavorable foreign exchange and deferred income tax movements.

These unfavorable movements were tempered by one-off gains on the proceeds from insurance claims and the impact of the retroactive adjustment of the CREATE law implementation.

The FPH Group’s total revenues posted a positive change of P17.9 billion or 17%, from P107.3 billion in 2020 to P125.2 billion in 2021.

The growth was largely driven by higher electricity sales as power demand recovered which resulted in better plant dispatch, sales volume and spot market prices; higher sales bookings and construction completion of residential development projects; recovery of the revenues from commercial leasing, construction and drilling projects supplemented by higher industrial park revenues; and the increase in volume of distribution transformers sold.