Ayala Corporation, one of the country's leading conglomerates, reported that it sustained its growth momentum with a 26 percent growth in core net income, which excludes one-off items, to P11.8 billion in the first quarter of 2024 from P9.4 billion in the same period last year.

In a disclosure to the Philippine Stock Exchange, the firm said this is despite lower contributions from Globe Telecom and the losses of AC Industrials.

Growth came on the back of  continued strong performances from its core businesses, Bank of the Philippine Islands, Ayala Land,  and ACEN. Including one-off items, Ayala’s net income was up 28 percent to P13 billion.

BPI’s net income expanded 26 percent to a record P15.3 billion as strong revenue growth offset higher operating expenses and provisions. 

Ayala Land delivered significant earnings growth in the first quarter of the year, underpinned by healthy property demand and resilient consumer activity. Net income jumped 39 percent to P6.3 billion.

ACEN’s consolidated net income rose 34 percent to P2.7 billion while its parent AC Energy & Infrastructure (ACEIC) saw its net income grow 20 percent to P3.2 billion due to its share in the gain from the The Blue Circle sale.

Globe’s net income declined 7 percent to P6.8 billion mainly due to higher depreciation expenses and non-operating charges, which includes the tower sale. 

“We are seeing growth momentum across most of our businesses. This speaks to the resilience of the economy and our ability to provide products and services that are valued by customers,” Ayala President and CEO Cezar P. Consing said.

AC Health continues to gain traction across all its pillars. Revenues grew 14 percent to P2.2 billion while EBITDA excluding ramp-up costs for the new cancer hospital and Konsulta MD was also up 36 percent to P127 million.

In AC Industrials, losses narrowed to P931 million from P980 million. Of the total losses, P670 million came from an impairment provision for Via Optronics.

Excluding provisions, normalized losses were at P243 million from P270 million due to the absence of MTC-Con’s P154 million loss in the same period of last year and lower losses from Merlin Solar.

IMI saw its revenues drop 16 percent, partly because of the divestment of STI which still incurred revenues in the same period of last year. Losses widened to $3.7 million as its industrial customers continued to see softness in their end-consumer markets.