BPI, ALI fuel Ayala Corp.’s P36.7-billion core net income jump


Zobel-led Ayala Corporation reported a 19 percent growth in core net income to P36.7 billion in the first nine months of 2024, up from P31 billion in the same period last year.

In a disclosure to the Philippine Stock Exchange (PSE), the firm said its performance was anchored by its core units: Bank of the Philippine Islands (BPI), Ayala Land Inc. (ALI), Globe Telecom, and AC Energy and Infrastructure (ACEIC).

Including one-off items, Ayala reported a net income increase of five percent to P34 billion.

“Ayala's growth is being sustained by the strong performances of our core businesses,” Ayala President and CEO Cezar P. Consing said.

He added that “we continue to manage our younger businesses to get them to sustainable trajectories in the near-term. We strive to build a simpler, more collaborative and more connected Ayala.”

BPI posted a record-high P48 billion in net income, up 24 percent due to sustained growth in loans, fee income, and net interest margin (NIM) expansion.

ALI reported net income grew 15 percent to P21.2 billion on resilient residential demand and consumer activity.

Globe's core net income improved 19 percent to P17.6 billion as the company posted record service revenues. This was boosted by stronger contributions from Mynt, the operator of GCash.

ACEN's reported net income accelerated 24 percent to P8.1 billion, driven by higher attributable renewable energy generation, a strong net selling merchant position in the Philippine Wholesale Electricity Spot Market (WESM), and net value realization gains of P2.5 billion.

ACEIC, the parent company of ACEN, registered a core net income of P8.7 billion, up 21 percent as the strong performance of ACEN, growth in net financing income, and forex gains offset lower contributions from its thermal assets.

AC Health’s revenues grew 11 percent to P6.9 billion. The provider group, which is comprised of clinics and hospitals, saw revenue growth of 25 percent, above industry growth of 12 percent.

The pharma group, made up of retail and principal operations, registered one percent revenue growth against an industry decline of four percent.

Meanwhile, its net loss widened to P417 million, mainly due to costs related to the ramp-up of the cancer hospital.

AC Industrials narrowed its net loss to P5.1 billion from P6.1 billion due to lower impairments. Core net loss, which excludes all one-off items, widened to P921 million from P808 million because of softer demand in Integrated Microelectronics Inc., higher costs from tax assessments, unfavorable forex, and start-up costs in ACMobility, as well as closure costs in the two-wheel segment.