LT Group, Inc. (LTG), the holding company of taipan Lucio Tan, reported a 24 percent growth in attributable net income to P25.14 billion for 2022 from the P20.25 billion earned in 2021.
In a disclosure to the Philippine Stock Exchange, the firm said its lower attributable income in 2021 was due to the elimination at the LTG level of the P33.44 billion gain that Philippine National Bank booked from transferring real estate assets into PNB Holdings Corporation (PHC) in the second quarter of 2021.
LTG’s tobacco business accounted for P15.28 billion or 61 percent of total attributable income while PNB contributed P6.61 billion or 26 percent.
Tanduay Distillers, Inc. (TDI) added P1.47 billion or 6 percent of total profit, while Asia Brewery, Inc. (ABI) accounted for P580 million or 3 percent.
Eton Properties Philippines, Inc. (Eton) contributed P372 million or 1 percent while the 30.9 percent stake in Victorias Milling Company, Inc. (VMC) added P491 million or 2 percent of total.
LTG also booked net Other Income of P340 million, 1 percent of total attributable income.
For 2022, LTG recorded the highest dividends declared in a year since its listing in 2013. In November 2022, LTG declared a P0.50 per share special dividend, or P5.41 billion, which was paid on Dec. 16.
Together with the regular and special dividends declared in March of P0.15 and P0.15 per share, respectively, the special dividend of P0.30 in May, and the P0.30 in August, these brought 2022’s total dividends to P1.40 per share or P15.15 billion, equivalent to 74.8 percent of LTG’s 2021 attributable net income.
PNB’s net income under the pooling method was P11.77 billion in 2022, 65 percent lower than 2021’s P34.02 billion which included a P33.44 billion gain from transferring real estate assets into PHC.
LTG’s tobacco business reported a net income of P15.34 billion for 2022, 12 percent lower than the P17.50 billion reported in 2021.
PMFTC’s volume for 2022 was 32.2 billion sticks, 6.3 percent lower than 2021’s 34.4 billion sticks. The decline is attributed to trade inventory adjustments and downtrading post the industry-wide price increase in the first quarter of 2022.
The industry’s volume was estimated at 51.8 billion sticks in 2022, 6.1 percent or 3.4 billion sticks lower than 2021. The decline is largely attributed to the industry-wide price increases implemented to pass on the increase in excise taxes.
TDI’s net profit for 2022 was P1.47 billion, 18 percent higher than 2021’s P1.24 billion. Liquor volume increased by 16 percent to 27.49 million cases from 23.69 million cases.
ABI’s net income for 2022 was P583 million, 23 percent higher than the P475 million reported in 2021. The sales volume of ABI’s products improved volumes, except for packaging.
Eton reported a net income of P373 million for 2022, 32 percent lower than the P550 million reported for 2021. Eton currently has a leasing portfolio of 283,000 square meters.