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Manila Bulletin devider Business devider The Stock Market devider Ayala Corp. nets P22.3 billion in first semester

Ayala Corp. nets P22.3 billion in first semester

Published Aug 14, 2024 03:36 am

Zobel-led Ayala Corporation reported a 21 percent growth in net income to P22.3 billion in the first half of 2024 as core net income, which excludes significant one-off items, improved 18 percent to P24.3 billion.

In a disclosure to the Philippine Stock Exchange, the country’s oldest conglomerate said that this is due to stronger contributions from the Bank of the Philippine Islands, Ayala Land Inc., Globe Telecom, and ACEN Corporation.
Improved earnings from AC Energy & Infrastructure (ACEIC) also supported the Company’s earnings performance.

BPI set a record semester net income of P30.6 billion, up 22 percent due to sustained growth in loans, net interest margins, and fee income.

Ayala Land’s net income was up 15 percent to P13.1 billion as resilient demand and healthy consumer activity fueled revenues in key businesses. Globe's core net income improved 18 percent to P11.7 billion as steady growth in data revenues and higher equity earnings from Mynt outpaced operating expenses.

Net income, excluding all gains from Globe’s tower sale program, was up one percent to P14.5 billion.

ACEN's net income, excluding certain value realization gains, jumped 21 percent to P4.9 billion due to higher attributable renewable energy generation and an improved net selling merchant position in the Philippine Wholesale Electricity Spot Market.

ACEIC, the parent company of ACEN, generated a net income of P6.7 billion, up 25 percent, as higher contributions from ACEN, growth in net financing income, and forex gains supported lower contributions from its thermal assets.

“We are pleased with the sustained growth trajectory of our core earnings. We will continue to grow our quality businesses and explore initiatives to improve shareholder value,” Ayala President and CEO Cezar P. Consing said.

AC Health’s revenues grew 12 percent to P4.4 billion on healthy contributions from both its provider and pharma groups. Net loss widened to P327 million mainly due to costs related to the ramp up of the cancer hospital.

AC Industrials’ net loss narrowed from P5.8 billion to P5.3 billion due to lower impairments but, excluding all one-off items, AC Industrial’s core net loss widened from P446 million to P596 million because of continued weakness in its 2-wheel business, IMI, and higher OPEX in ACMobility.

IMI’s revenues declined 18 percent to $566 million due to continued market softness, leading to a net loss of $8.8 million.

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Cezar P. Consing Ayala Corporation
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