The Ty family’s investment arm GT Capital Holdings Inc. (GTCAP) posted an 82 percent jump in core net income to a record high P28.8 billion last year from P15.9 billion earned in 2022.

In a disclosure to the Philippine Stock Exchange (PSE), the firm said consolidated net income rose 57 percent to P28.7 billion in 2023 from P18.4 billion in the previous year. 

“The company’s historic high performance was brought about by Metropolitan Bank & Trust Company (Metrobank), the net income of which improved to P42.2 billion, Toyota Motor Philippines (TMP), which realized a net income of P13.8 billion, and Federal Land, Inc. that recorded a net income of P2.1 billion,” GTCAP said. 

It added that “AXA Philippines reported a net income of P2.6 billion, while associate Metro Pacific Investments Corporation also contributed to GT Capital’s all time high performance in January to December 2023.”

Compared to pre-Covid 2019, GTCAP’s core and consolidated net income for 2023 are already considerably higher at 83 percent and 41 percent, respectively.

Its Board of Directors, enabled by the conglomerate’s record level income, approved a total cash dividend of P8 per share for the year. The regular dividend was increased from P3 to P6 per share. Furthermore, a special cash dividend of P2 per share was likewise declared. 

The pay-out of P5 per share, made up of P3 of regular dividends and P2 of special dividends will be given to shareholders on record as of March 27, 2024. The exact date for the release of the remaining regular dividend of P3 per share will be disclosed after the regular meeting of the Board of Directors in August 2024.

GTCAP President Carmelo Maria Luza Bautista said, “2023 was an exceptional year for the GT Capital Group of Companies. A significant level up from the previous year, our expectations were exceeded by the record-setting financial results from our core businesses; Metrobank, Toyota Motor Philippines, and Federal Land.”

He noted that “the improving per capita GDP of the Philippines has fostered the emergence of an upper middle-class segment within its economy. As disposable incomes rise, improved living standards rise in tandem with demand for goods and services." 

“Together with our strategic global partners, the GT Capital Group is well positioned to cater to the needs and preferences of this expanding segment. Given the outstanding growth last year, we expect a more tempered growth for 2024,” said Bautista.

Metrobank posted record earnings of P42.2 billion, 28.9 percent higher year-on-year while TMP’s consolidated net income grew by an impressive 145 percent to P13.8 billion in 2023 from P5.7 billion in 2022. 

Federal Land Inc. reported a significant 65 percent core net income increase to P2.1 billion in 2023, from P1.3 billion the year before while Metro Pacific’s consolidated reported net income attributable to the company rose 91 percent to a highest-ever P20 billion in 2023 compared with P10.5 billion in 2022.

AXA Philippines’ consolidated net income increased by four percent to P2.6 billion in 2023 compared to P2.5 billion in 2022.