Consolidated net income attributable to First Philippine Holdings Corporation (FPH) for the year ended Dec. 31, 2023 grew by P2.4 billion or 19%, from P12.7 billion in 2022 to P15.1 billion, driven by the stronger operating results of the FPH Group’s power generation and real estate segments.

The company’s corresponding recurring net income likewise increased by P1.0 billion or 8%, from P12.8 billion to P13.8 billion, reflecting the growth in attributable net income, adjusted for the one-off gains and losses that mostly pertain to proceeds from construction delays and insurance claims, and foreign exchangerelated movements.

The FPH Group’s total revenues declined by P5.4 billion or 3%, from P170.3 billion in 2022 to P164.9 billion in 2023. The slight downturn was mostly caused by the lower pass-through fuel revenues of the First Gen Group, tempered by the improved sales bookings and construction completion of residential development projects under Rockwell Land, upswing of revenues from the industrial leasing and water utilities businesses of First Philippine Industrial Park and commercial leasing segment of Rockwell Land, and stable earnings from distribution transformers sold and higher sales from the new business products of First Philec.