Zobel conglomerate Ayala Corporation reported a 42 percent jump in core net income to P31 billion in the first nine months of 2023 compared to the same period last year due to the strong results of its real estate, banking, and renewable energy businesses.

In a disclosure to the Philippine Stock Exchange (PSE), the firm said its year-to-date core net income is already at par with its full year 2019 (pre-pandemic) net income.

“Despite macroeconomic and geopolitical headwinds, our outlook remains intact as we look to end the year with profits exceeding pre-COVID levels,” said Ayala President and CEO Cezar P. Consing.

He noted that, “we continue to build on our solid nine-month results and rationalize our portfolio wherever it makes sense to do so.”

Among its businesses, Bank of the Philippine Islands' net earnings rose 26 percent to P38.6 billion due to sustained loan growth, margin expansion, and reduced provisions.

Ayala Land’s net income grew 38 percent to P18.4 billion driven by sustained gains in its property development and commercial leasing businesses.

ACEN Corporation’s net income jumped 59 percent to P6.6 billion as new operating capacity and the company’s sustained net seller position were further lifted by one-off gains related to the partial sale of the Salak and Darajat plant.

AC Energy & Infrastructure (ACEIC), the parent company of ACEN, grew its profit 2.1 times to P10.4 billion due to improved operating earnings from ACEN, pre-operating revenues from GN Power Dinginin, as well as gains related to the divestments of the Salak and Darajat plant in Indonesia and GN Power Kauswagan.

Excluding one-offs, ACEIC’s core net income was up 63 percent to P7.2 billion.

Globe Telecom’s net income dropped 27 percent to P19.4 billion, primarily because of a one-time gain on the partial sale of Globe’s data center business registered in the same period last year.

Excluding the impact of non-recurring charges, foreign exchange and mark-to-market charges, Globe’s core net income was down eight percent to P14.8 billion as revenue growth was outpaced by higher operating expenses, depreciation, and interest expenses.

Accounting for all one-off items including a P2.2 billion gain from the sale of the MCX toll road, Ayala posted P32.3 billion in net income in the first nine months of 2023, up 35 percent versus the same period last year.

In line with Ayala’s portfolio rationalization initiatives, it has completed the following divestment year-to-date: IMI’s sale of its 80 percent shareholdings in STI Enterprises Limited to London-based private investment firm, Rcapital, in July which resulted in a one-time loss of P2.5 billion in the second quarter; AC Industrials’ sale of its 92.45 percent stake in MT Technologies GmbH to Callista Asset Management 18 GmbH in August which resulted in Ayala recognizing a P2.2 billion provision for impairment in the second quarter; and Ayala’s sale of 289 million Manila Water Company Inc. (MWC) common shares and 436.24 million MWC participating preferred shares to MWC for a gross consideration of P5.7 billion.

Meanwhile, Ayala continues to scale its emerging businesses, AC Health and AC Logistics.

AC Health’s Healthway Cancer Care Hospital is scheduled to be inaugurated before year-end. To be the country’s first dedicated cancer hospital, it will feature state-of-the-art technology and will be manned by many of the country’s top oncologists.

AC Logistics continues to integrate its assets to eliminate redundancies, improve operational efficiency, and generate cost savings. It also looks to capture more business from within the Ayala group.

Its cold storage facility in Cagayan de Oro, in partnership with Glacier Megafridge, already reached 100 percent utilization.

Bank of the Philippine Island’s net earnings rose 26 percent to P38.6 billion due to sustained loan growth, margin expansion, and reduced provisions.

Ayala Land’s net income grew 38 percent to P18.4 billion driven by sustained gains in its property development and commercial leasing businesses.

ACEN Corporation’s net income jumped 59 percent to P6.6 billion as new operating capacity and the company’s sustained net seller position were further lifted by one-off gains related to the partial sale of the Salak and Darajat plant.

AC Energy & Infrastructure (ACEIC), the parent company of ACEN, grew its profit 2.1 times to P10.4 billion due to improved operating earnings from ACEN, pre-operating revenues from GN Power Dinginin, as well as gains related to the divestments of the Salak and Darajat plant in Indonesia and GN Power Kauswagan.

Excluding one-offs, ACEIC’s core net income was up 63 percent to P7.2 billion.

Globe Telecom’s net income dropped 27 percent to P19.4 billion, primarily because of a one-time gain on the partial sale of Globe’s data center business registered in the same period last year.

Excluding the impact of non-recurring charges, foreign exchange and mark-to-market charges, Globe’s core net income was down eight percent to P14.8 billion as revenue growth was outpaced by higher operating expenses, depreciation, and interest expenses.

Accounting for all one-off items including a P2.2 billion gain from the sale of the MCX toll road, Ayala posted P32.3 billion in net income in the first nine months of 2023, up 35 percent versus the same period last year.

In line with Ayala’s portfolio rationalization initiatives, it has completed the following divestment year-to-date: IMI’s sale of its 80 percent shareholdings in STI Enterprises Limited to London-based private investment firm, Rcapital, in July which resulted in a one-time loss of P2.5 billion in the second quarter; AC Industrials’ sale of its 92.45 percent stake in MT Technologies GmbH to Callista Asset Management 18 GmbH in August which resulted in Ayala recognizing a P2.2 billion provision for impairment in the second quarter; and Ayala’s sale of 289 million Manila Water Company Inc. (MWC) common shares and 436.24 million MWC participating preferred shares to MWC for a gross consideration of P5.7 billion.

Meanwhile, Ayala continues to scale its emerging businesses, AC Health and AC Logistics.

AC Health’s Healthway Cancer Care Hospital is scheduled to be inaugurated before year-end. To be the country’s first dedicated cancer hospital, it will feature state-of-the-art technology and will be manned by many of the country’s top oncologists.

AC Logistics continues to integrate its assets to eliminate redundancies, improve operational efficiency, and generate cost savings. It also looks to capture more business from within the Ayala group.

Its cold storage facility in Cagayan de Oro, in partnership with Glacier Megafridge, already reached 100 percent utilization.