GT Capital Holdings, Inc. reported a 143 percent surge in consolidated net income to P6.7 billion for the first half of 2021 from P2.7 billion in the same period last year.
In a disclosure to the Philippine Stock Exchange, the conglomerate said its core net income increased 83 percent to P5.8 billion in the first six months of 2021 from P3.2 billion in the same period of 2020.
This was driven by Metropolitan Bank & Trust Company (Metrobank), whose net income amounted to P11.7 billion, as well as Toyota Motor Philippines (TMP), which realized a net income of P3.5 billion.
Stronger real estate sales from Federal Land, Inc. (Federal Land) and a higher net income contribution from associate Metro Pacific Investments Corporation (Metro Pacific) also contributed to GT Capital's positive performance in the first half of 2021.
"GT Capital delivered strong results in the first half of 2021, which are approximately 80 percent of 2019 pre-Covid levels," GT Capital President Carmelo Maria Luza Bautista said.
He noted that, “Amidst challenging conditions, the Group's first half performance demonstrates our inherent capacity to bounce back from the historic low levels of the past year, and in certain sectors, even optimize competitive strengths by gaining market share.”
Bautista added that, “the Group's financial strength and liquidity reserves give us confidence that our component companies will stay resilient. We remain focused on the faster vaccination of our Group employees, agency force, and their dependents, complementing access to vaccines from LGU sites with our own direct orders.”
TMP booked consolidated revenues of P63.7 billion in the first half of 2021, from P37.5 billion in the previous year, representing a 70 percent growth while consolidated net income reached P3.5 billion during the period, from P1.0 billion in the first half of 2020, registering a hefty 235 percent growth.
Metrobank's net income increased by 28 percent year-on-year to P11.7 billion in the first half of 2021. Despite the re-imposition of stricter quarantines, profit jumped by 30 percent to P3.9 billion in the second quarter of 2021.
Federal Land recorded a 243 percent increase in consolidated net income from P171 million in the previous year to P587 million, due to continued construction activity and increased project bookings.
Metro Pacific reported a consolidated core net income of P6.0 billion for the first six months of 2021, up 13 percent from P5.3 billion in the same period last year.
AXA Philippines' consolidated life and general insurance gross premiums increased by 33 percent to P22.1 billion in the first half of 2021, from P16.7 billion in the same period last year, driven by the life segment, which rose 43 percent year-on-year.