FDC and its predecessors have been in the property business for more than 50 years and have developed over 200 projects and 3,000 hectares of land. Even as FDC strengthens its position in its core real estate trading business, it continues to evolve, searching for opportunities to maximize the use of its land bank of more than 2,000 hectares. For this reason, the property business now includes not only the real estate trading business but recurring rental operations and hospitality business which now account for 16% of its net income from the property segment.
EastWest Banking Corporation delivered solid results in 2018, reporting Php4.5B in net income, realizing an 11% return on equity, which we believe is one of the highest in the industry.
Energy is now a significant part of the group’s portfolio. FDC Utilities, Inc. (FDCUI) contributed Php2.1 billion to net income in 2018.
Sugar, through Pacific Sugar Holdings Corporation (PSHC), continues to be a mainstay of the group, as it milled roughly 900,000 MT of cane.
FDC recently committed to its first investment in infrastructure with its participation in the North Luzon Airport Consortium, which won the bid to operate and maintain Clark International Airport.