The Ty family’s conglomerate GT Capital Holdings, Inc. reported a 17 percent drop in consolidated net income to P13.8 billion in the first half of the year due to one-time gains in 2023.
In a disclosure to the Philippine Stock Exchange, the firm said profits improved five percent if excluding the extraordinary gains of P3.42 billion booked last year.
GT Capital’s earnings were supported by Metropolitan Bank & Trust Company’s (Metrobank) record-high net income of P23.6 billion and Toyota Motor Philippines’ (TMP) 11.5 percent retail vehicle sales growth, which led to a seven percent increase in consolidated revenues to P113.9 billion.
Federal Land, Inc. (Federal Land) reported a net income of P775.0 million, while AXA Philippines Life and General Insurance Corporation (AXA Philippines) posted a 15 percent growth in net income to P1.5 billion.
“Coming off the record performance in 2023, GT Capital continued to show positive growth in the first half of 2024,” GT Capital President Carmelo Maria Luza Bautista said.
He noted, “During the first six months of 2024, GT Capital continued to deliver sustained performance in our key businesses, particularly Metrobank’s considerable net income growth and TMP’s record retail sales volume of 104,350 units for six months.
“We remain encouraged by the strong core business fundamentals of GT Capital and the resiliency of the domestic economy.”
Bautista added, “With seasonal demand expected to pick up in the last two quarters of the year, we approach the second half with measured optimism for more encouraging growth.”
Metrobank’s record net income was supported by its robust asset expansion, stable margins, well-managed cost growth, and healthy asset quality.
TMP’s consolidated revenues grew by seven percent to P113.9 billion in the first half of 2024 from the P106.4 billion recorded in the same period last year, while consolidated net income was at P7.5 billion.
Federal Land reported total revenues of P6.9 billion in the first half and a net income of P775.0 million, while MPIC’s consolidated core net income rose 27 percent to a record high of P12.5 billion in the first half of 2024, compared to the P9.9 billion in the same period last year.
AXA Philippines Life and General Insurance Corporation (AXA Philippines) reported a 13 percent growth in consolidated life and general insurance gross premiums, reaching P14.6 billion in the first half of 2024.
Consolidated net income rose 15 percent to P1.5 billion on the back of higher investment income, mainly from higher time deposit placements and bond rates.