‘Quality’ businesses boost Ayala H1 core net income to P24.3B

AYALA Corp., the country’s oldest conglomerate, saw core net income, excluding one-off items, surge 18 percent year on year (YoY) to P24.3 billion in the first six months of 2024 led by its banking, property, telecommunications and renewable energy businesses.

“Including one-off items, Ayala’s net income increased 21 percent to P22.3 billion,” it said on Wednesday, adding that improved earnings from AC Energy & Infrastructure further boosted the overall result.

“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.

Bank of the Philippine Islands saw net income jump 22 percent to P30.6 billion on revenue growth that rose to P81.2 billion.

Net interest income was up 22 percent to P61.3 billion while non-interest income rose 29 percent to P20 billion. Total loans expanded 17 percent to P2.1 trillion.

Ayala Land Inc. booked a net income of P13.1 billion, up 15 percent YoY, as strong property demand boosted revenues 28 percent to P84.3 billion.

Globe Telecom’s core net income, excluding nonrecurring charges, grew 18 percent to P11.7 billion, while net income was up 1.0 percent to P14.5 billion due tower sales.

The telco’s equity earnings from Mynt soared 120 percent to P2.1 billion on the sustained growth of its payment platform, GCash.

In power, ACEN Corp.’s net income jumped 49 percent to P6.3 billion on higher operating capacity, as total renewable energy output grew 42 percent to 2,907 gigawatt-hours (GWh).

AC Health saw revenues grow by 2 percent to P4.4 billion on strong contributions from its provider and pharma groups, but its net loss widened to P327 million due to costs related to the ramp-up of the cancer hospital.

AC Industrials narrowed its net loss to P5.3 billion from P5.8 billion last year due to lower impairments, while its subsidiary, Integrated Micro-Electronics Inc, posted a net loss of $8.8 million (around P501.2 million) as “market softness” cut revenues by 18 percent to $566 million.

Ayala shares on Wednesday jumped P17, or 2.83 percent, to close at P618 apiece amid a 0.82-percent rise in the benchmark Philippine Stock Exchange index.