August 16, 2024 | 12:00am
MANILA, Philippines — GT Capital Holdings Inc., the listed holding company of the Ty Group, delivered higher earnings in the first half, driven by the record-high net income of its banking arm and robust vehicle sales from its automotive business.
The conglomerate reported a net income of P13.8 billion in the first semester, a five-percent growth excluding the extraordinary gains of P3.42 billion booked last year.
The company said its earnings in the first semester were supported by the all-time high net income of Metropolitan Bank & Trust Co. (Metrobank) at P23.6 billion as well as the 11.5-percent retail vehicle sales growth by Toyota Motor Philippines (TMP), which led to P113.9 billion in revenues.
“Coming off the record performance in 2023, GT Capital continued to show positive growth in the first half of 2024. During the first six months of 2024, GT Capital continued to deliver sustained performance in our key businesses, particularly Metrobank’s considerable net income growth and TMP’s record retail sales volume of 104,350 units for six months,” GT Capital president Carmelo Maria Luza Bautista said.
Bautista said they remain encouraged by the strong core business fundamentals of GT Capital and the resiliency of the domestic economy.
“With seasonal demand expected to pick up in the last two quarters of the year, we approach the second half with measured optimism for more encouraging growth,” he said.
Metrobank’s record net income during the first semester was fueled by the bank’s robust asset expansion, stable margins, well-managed cost growth and healthy asset quality.
Metrobank president Fabian Dee said the bank is firmly on track to meet its medium-term growth aspirations.
“Our strong capital position and robust asset profile supported our expanding core businesses despite market challenges. Prospects of easing inflation driven by government efforts could further spur consumer demand,” he said.
On its end, TMP registered a net income of P7.5 billion during the first half as revenues accelerated by seven percent year-on-year.
The automotive firm’s 11.5 percent increase in retail sales during the period outpaced industry growth, which was reported at 9.9 percent.
“TMP continued to show encouraging results in the first half of 2024. We look forward to more positive developments in the remaining months of the year, as the automotive market continues to expand, particularly with the growing acceptance of electrified vehicles,” TMP president Masando Hashimoto said.
Hashimoto said the resilient economic landscape and the steady rise of middle-income households in the country are expected to support TMP’s performance for the rest of the year.
Federal Land Inc., GT Capital’s wholly owned property subsidiary, recorded a net income of P775 million, with revenues reaching P6.9 billion during the semester.
GT Capital associate Metro Pacific Investments Corp. delivered historic results for the period, with core net income expanding by 27 percent to P12.5 billion, driven primarily by solid growth in energy sales at Meralco, billed volumes at Maynilad Water and traffic on the toll roads complemented by higher tariffs.
The net income of AXA Philippines also climbed by 15 percent to P1.5 billion on the back of higher investment income from higher time deposit placements and bond rates.
Be the first to comment