August 15, 2024 | 12:00am
MANILA, Philippines — Ayala Corp., the country’s oldest conglomerate, delivered higher earnings in the first half on the back of double-digit contributions from core businesses.
Ayala’s core net income, which excludes significant one-off items, climbed by 18 percent to P24.3 billion in the first semester.
Including one-off items, the company’s net income expanded by 21 percent to P22.3 billion.
“We are pleased with the sustained growth trajectory of our core earnings. We will continue to grow our quality businesses and explore initiatives to improve shareholder value,” Ayala president and CEO Cezar Consing said.
The group’s strong first half performance was attributed to the stronger contributions from Bank of the Philippine Islands (BPI), Ayala Land Inc. (ALI), Globe Telecom and ACEN Corp.
Improved earnings from AC Energy & Infrastructure (ACEIC) also supported the company’s earnings performance.
Revenues generated during the first half stood at P179.94 billion, up by 9.6 percent year-on-year.
BPI set a record semester net income of P30.6 billion, up by 22 percent due to sustained growth in loans, net interest margins and fee income.
The net income of ALI likewise increased by 15 percent to P13.1 billion as resilient demand and healthy consumer activity fueled revenues in key businesses.
Steady growth in data revenues and higher equity earnings from Mynt boosted Globe’s core net income by 18 percent during the period to P11.7 billion.
The earnings of ACEN, excluding certain value realization gains, jumped by 21 percent to P4.9 billion fueled by higher attributable renewable energy generation and an improved net selling merchant position in the Wholesale Electricity Spot Market.
ACEN’s parent company, ACEIC, delivered a 25-percent improvement in earnings to P6.7 billion as higher contributions from ACEN, growth in net financing income and foreign exchange gains supported lower contributions from its thermal assets.
AC Health, meanwhile, saw its net loss widen to P327 million mainly due to costs related to the ramp up of the cancer hospital. Revenues, however, grew by 12 percent to P4.4 billion on healthy contributions from both its provider and pharma groups.
AC Industrials, for its part, narrowed its net loss to P5.3 billion from P5.8 billion due to lower impairments.
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