Dominion Holdings Reports Impressive Net Income in 2022

Dominion Holdings, Inc. (formerly BDO Leasing & Finance, Inc. or BLFI) has announced its net income of P69.3 million in 2022, marking a significant increase from the P43.5 million recorded in the previous year. The company's impressive financial performance can be attributed to several factors, including its decision to shift its funds to higher yielding short-term time deposits, its voluntary surrender of its secondary license as a financing company to the Securities and Exchange Commission (SEC), and its transition towards a more streamlined business structure.

Shift to Higher Yielding Short-Term Time Deposits

One of the key drivers of Dominion Holdings' impressive net income in 2022 was its decision to shift its funds to higher yielding short-term time deposits. This strategic move enabled the company to take advantage of rising interest rates, ultimately leading to a surge in gross income by 122% to P126.8 million. By focusing on short-term time deposits, Dominion Holdings was able to generate significant returns while minimizing risk and ensuring liquidity.

Voluntary Surrender of Secondary License as a Financing Company

Dominion Holdings' voluntary surrender of its secondary license as a financing company to the Securities and Exchange Commission (SEC) was another crucial factor that contributed to its strong financial performance in 2022. With this move, the company can now focus exclusively on holding/owning real estate properties, securities/shares of stocks, and other assets of other companies, and engaging in investment and business activities involving these assets. By streamlining its business structure, Dominion Holdings can explore new business opportunities and pursue investment activities that align with its core competencies.

Transition towards a Holding Company

Dominion Holdings' transition towards a holding company is a critical step in its growth and development. As an investment holding company, Dominion Holdings has more flexibility in pursuing business opportunities that can enhance shareholder value for its stockholders. The approval of its Board of Directors and stockholders for the change in corporate name from BDO Leasing and Finance Inc. to Dominion Holdings, Inc. signifies the company's shift towards a more streamlined business structure that aligns with its core competencies.

Looking Towards a Bright Future

With its impressive financial performance in 2022, Dominion Holdings is poised to expand its reach and explore new avenues for growth. As a holding company, the company is well-positioned to pursue new business opportunities and investment activities that align with its core competencies. Investors and shareholders can look forward to a bright future for Dominion Holdings, Inc. as it continues to solidify its position as a leading player in the investment industry.