TY-LED conglomerate GT Capital Holdings Inc. on Friday said that net income last year surged to a "historic high" of P28.7 billion, up 57 percent from 2022's P18.4 billion and propelled by growth across core businesses.
Core income grew by 82 percent to P28.8 billion from P15.9 billion, on higher contributions from its banking, real estate and automobile businesses, GT Capital said in a disclosure.
The listed firm said its core and consolidated net income last year exceeded 2019 levels by 83 percent and 41 percent, respectively.
In a statement, GT Capital President Carmelo Maria Luza Bautista said 2023 was an "exceptional year" for the group, citing record improvements in core businesses that also topped expectations.
The conglomerate, he added, benefited from the country's economic growth, which "fostered the emergence of an upper-middle-class segment within its economy."
"As disposable incomes rise, improved living standards rise in tandem with demand for goods and services," Bautista explained.
"Together with our strategic global partners, the GT Capital Group is well positioned to cater to the needs and preferences of this expanding segment."
Looking forward, Bautista said they were anticipating a "more tempered growth for 2024."
In the banking business, Metropolitan Bank & Trust Co.'s net income rose 28.9 percent to P42.2 billion from P32.8 billion, fueled by asset expansion, higher margins and improved efficiency and asset quality.
GT Capital said earnings of its automobile arm, Toyota Motor Philippines (TMP), more than doubled to P13.8 billion last year from P5.7 billion previously, on consolidated revenues that rose 24 percent to P227.1 billion from P183.8 billion.
TMP, which holds an overall market share of 46.2 percent, recorded retail sales of 200,031 units in 2023, up 15 percent from the 174,106 units sold a year earlier, driven by the launch of five models.
"With the resumption of motorization, the continued underpenetration of passenger cars in the country and an improved supply situation, we are confident that Toyota will continue to lead the way this year," TMP President Masando Hashimoto said.
Federal Land Inc., the conglomerate's wholly owned property unit, delivered a 65-percent growth in core earnings to P2.1 billion from P1.3 billion, while its total revenues expanded by 54 percent to P20.8 billion from P13.4 billion.
The property firm's reservation sales in 2023 climbed by 24 percent to P23 billion from P18.5 billion, on the back of higher gains from The Seasons Residences, a joint venture with three other companies.
GT Capital's associate, Metro Pacific Investments Corp. (MPIC) of businessman Manuel Pangilinan, reported an attributable net income of P20 billion, almost doubling the P10.5 billion recorded in 2022.
MPIC's growth was due to strong performances in the power generation business, and increased tariffs and billed volume at its water concession, GT Capital noted.
Insurance firm Axa Philippines' net income, meanwhile, inched up by 4 percent to P2.6 billion from P2.5 billion, despite a slight decrease in life and general insurance gross premiums in 2023, to P25.6 billion from P28.2 billion.
GT Capital shares closed Friday down 1.33 percent to P670 each amid a 1.17-percent decline in the benchmark Philippine Stock Exchange index.
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