The recurring net income (RNI) attributable to First Philippine Holdings Corporation (FPH) reached a record high of P12.8 billion for the year ended Dec. 31, 2022. This is P2.7 billion or 27% higher compared to P10.1 billion in 2021.
The upturn was driven by the outstanding performance of the FPH Group’s major business segments—power generation, real estate, construction and energy solutions. The consolidated net income attributable to FPH likewise jumped by P2.7 billion or 26%, from P10.0 billion to P12.7 billion, reflecting the growth in RNI adjusted for the one-off gains and losses mostly pertaining to proceeds from insurance claims, foreign exchange-related movements and pandemic-related expenses.
The FPH Group’s total revenues grew by P45.2 billion or 36%, from P125.1 billion in 2021 to P170.3 billion in 2022. The notable increase was largely driven by the higher sales of electricity following higher electricity generated and average selling prices of the First Gen Group; improved sales bookings and construction completion of residential development projects under Rockwell Land. Also contributing were the upswing of revenues from the construction and drilling projects of First Balfour, supplemented by Rockwell Land’s commercial leasing and retail business segments and First Philippine Industrial Park’s industrial leasing and water utilities businesses; and substantial increase in volume and value of the electrical transformers and the new business products sold by First Philec.