Zobel-controlled Ayala Corporation, the country’s oldest conglomerate, reported a 48 percent jump in core net income (which excludes one-off items) to a record P41 billion last year on the back of the strong performances of its banking, real estate, and power businesses.

In a disclosure to the Philippine Stock Exchange, the firm said core net income was 32 percent higher than 2019, which was when the previous high water mark was established. Accounting for one-offs, Ayala’s net income grew 39 percent to P38.1 billion.

“We succeeded in getting aggregate core earnings to exceed the pre-pandemic high. Now we focus on getting better operating and financial results from each of our businesses, and on rationalizing the portfolio where it makes sense to do so,” said Ayala President and CEO Cezar P. Consing.

Bank of the Philippine Islands’ net income rose 44 percent to P51.7 billion due to strong loan growth, higher margins, and lower provisions. Including a gain from an asset sale in 2022, net income was up 31 percent.

Ayala Land’s net income grew 32 percent to P24.5 billion as its property development and commercial leasing businesses continued to deliver strong results. AREIT’s, Ayala Land’s REIT vehicle, saw its net income increase 43 percent to P4.9 billion, driven by contributions from new asset infusions.

AC Energy’s income from operating units, which excludes cash value realization gains and other one-time, non-cash adjustments, was up 2.9 times to P4.9 billion on the back of new operating capacity and a strengthened net seller position.

AC Energy & Infrastructure (ACEIC), the parent company of ACEN, saw its core earnings jump 71 percent to P9.5 billion from improved operating earnings from ACEN and higher contributions from GN Power Dinginin.

Globe Telecom’s net income dropped 29 percent to P24.6 billion mainly due to the one-time gain from the partial sale of its data center business in 2022. Core net income was flat at P18.9 billion.

Ayala’s group capital expenditures (CAPEX) reached P247.7 billion, 12 percent lower mainly due to the tapering CAPEX of Globe. Parent CAPEX decreased 55 percent to P13.2 billion, mainly due to Ayala’s purchase of Ayala Land shares and participation in Globe’s Stock Rights Offering, which both happened in 2022.

AC Health continues to progress in scaling its healthcare ecosystem. Acquisitions have bolstered growth however net income remains slightly negative due to one-offs and higher manpower and marketing expenses.

In AC Industrials, losses excluding one-offs narrowed to P1.2 billion from P1.7 billion on the back of better results from IMI’s core operations and AC Motor’s 4-wheel business.

The divestments of MT C-con and STI Enterprises led to impairment provisions that widened losses to P7.3 billion from P1.7 billion.