GT Capital's profits leap by lucky 168%

Published November 15, 2021, 3:49 PM

by James A. Loyola

GT Capital Holdings Inc., the flagship of the Ty family, posted 168 percent leap in consolidated net income to P8.7 billion in the first nine months of 2021 from P3.2 billion in the same period last year year.

In a disclosure to the Philippine Stock Exchange, the firm said its core net income increased 115 percent to P8.1 billion in January to September 2021 from P3.7 billion during the same period last year.

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This was driven by Metropolitan Bank & Trust Company (Metrobank), the net income of which amounted to P16.1 billion, and Toyota Motor Philippines (TMP), which realized a net income of P4.6 billion.

Stronger real estate sales from Federal Land, Inc., as well as a higher net income contribution from associate Metro Pacific Investments Corporation, likewise contributed to GT Capital’s positive performance in the first nine months of 2021.

“Despite the stringent lockdown imposed during the month of August, GT Capital’s consolidated nine months results rebounded strongly across all sectors, with a 168 percent growth versus last year,” GT Capital President Carmelo Maria Luza Bautista said.

He added that, “Noteworthy growth rates were realized in our auto, property and financial services subsidiaries.”

Bautista noted that, “The more recent decline in reported Covid-19 cases, the lifting of mobility restrictions, and the increased number of fully vaccinated individuals in key cities have resulted in a noticeable resurgence of consumer confidence.”

“This gradual return to pre-pandemic conditions will result in positive momentum for the last quarter of the year, paving the way for an even more robust recovery in the coming year,” he said.

Metrobank’s reported net income grew by 46 percent to P16.1 billion in the first nine months of 2021 while TMP booked a consolidated net income of P4.6 billion from P2.2 billion in the first nine months of 2020.

Federal Land reported a consolidated net income of P904 million in the first three quarters of this year, a 425 percent increase from P172 million during the same period last year, driven by stable construction activities and stronger project sales.

Metro Pacific reported a consolidated core net income of P9.5 billion for the first nine months of 2021, up 23 percent from Php7.7 billion in the same period last year.

AXA Philippines’ consolidated net income reached P2.2 billion for January to September 2021, from P2.3 billion in the previous year. AXA’s performance was driven by higher single premium sales, which grew a noteworthy 80 percent year-on-year.

AXA Philippines attained life insurance sales in annualized premium equivalent of Php4.7 billion in the first nine months of 2021 from Php3.7 billion in the same period last year, as single premium product sales increased significantly.

 
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