Ayala profits improve 23% to P23.9 B
Ayala Corporation reported a 23 percent growth in net income to P23.9 billion in the first nine months of 2022 from P19.4 billion in the same period last year.
In a disclosure to the Philippine Stock Exchange, the firm attributed the growth to higher contributions from subsidiaries Ayala Land Inc., Bank of the Philippine Islands, and Globe Telecom on accelerated overall economic activity.
Ayala Land’s net income jumped 55 percent to P13.3 billion due to a significant uptick in commercial lot sales, progress in the construction of its residential projects, and recovery in commercial leasing.
BPI’s net income expanded 75 percent to P30.5 billion on the back of higher interest and non- interest income and lower provisions, and a gain from the sale of a property.
Globe’s net income increased 48 percent to ₱26.5 billion mainly due to higher gross service revenues and gains coming from the partial sales of its data center business and tower assets.
On the other hand, ACEN’s net income of 4.1 billion in the first nine months of 2022 represented a four percent decline year-on-year.
Ayala’s earnings rose 13 percent to P21.8 billion year-on-year with the exclusion of one off items such as BPI’s gain on the sale of a property, Globe’s gain on the partial sales of its data center business and tower assets, AC Energy’s sale of GN Power Kauswagan, and AC Health’s remeasurement gain in Qualimed.
“Our strong market positions in four of the five largest industrial sectors in the country have allowed us to capitalize on the re-opening of the economy to grow topline and core net income,” Ayala President and CEO Cezar P. Consing said.
He added that, “Our largest publicly listed companies reported strong results, and the other companies in our portfolio are gaining traction and adding heft.”
Excluding the one-off items, Ayala’s net income increased 44 percent to P8.6 billion in the third quarter primarily because of strong earnings from ALI and BPI.