Lopezes’ FPH earnings climb to P12.7B in 2022

LOPEZ-LED First Philippine Holdings Corp. (FPH) saw its net income climb by 26 percent last year to P12.70 billion from P10.0 billion in 2021.

The increase was said to have been driven by the strong performance of its major business segments: power generation, real estate, construction and energy solutions.

Total revenues amounted to P170.39, higher than the P125.10 billion recorded in the previous year.

Higher electricity sales following an increase in generation and average selling prices of the First Gen group, improved sales bookings and the completion of residential development projects under Rockwell Land were said to be responsible.

“In addition, 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 the substantial increase in volume and value of the electrical transformers, and the new business products sold by First Philec also contributed to the increase in revenues,” the company said.

First Philippine Holdings’ share price went down by P1.30 to P60.70 on Friday.