Highlights:
In a disclosure to the bourse, the Ty family’s conglomerate said its latest earnings were slightly lower than the P29.3 billion it posted in 2023 — a dip attributed to the absence of non-recurring gains from lot sales and government incentives that benefited last year’s results.
Stripping out these one-off items, GT Capital’s core net income grew 11 percent year-on-year, driven by strong performances from its key subsidiaries across banking, automotive, infrastructure, and property.
“GT Capital’s core net income grew by 11 percent in 2024, building on the record levels achieved the previous year,” GT Capital president Carmelo Maria Luza Bautista said in a statement. “This continuous improvement reflects the group’s strong fundamentals across diversified sectors.”
“We remain optimistic that our core businesses will sustain this growth momentum moving forward,” he added. “This year, GT Capital is committed to pushing boundaries further and reaching new milestones.”
Metrobank leads with record income
Metropolitan Bank & Trust Company reported a net income of P48.1 billion, a 14-percent increase from 2023. The bank’s improved profitability was supported by an 8.7-percent increase in net interest income to P114.1 billion and a 17-percent expansion in gross loans. Asset quality also improved, with non-performing loans ratio easing to 1.43 percent from 1.69 percent in 2023.
“The hard work that all Metrobankers put in growing our corporate, middle market, retail and wealth segments as well as our investments in technology and human resources and risk management initiatives continue to bear fruit,” Metrobank president Fabian Dee said.
Metrobank’s total assets stood at P3.52 trillion, retaining its position as the country’s second largest private universal bank.
Toyota hits record 218,000 vehicle sales
Toyota Motor Philippines (TMP) posted a 15.3-percent increase in net income to P15.9 billion in 2024, backed by a 9-percent increase in retail sales to 218,019 units. This gave TMP a 46-percent share of the domestic auto market.
“In my first year as president of TMP, I have been able to witness first-hand the strength and potential of the Philippine automotive industry. Our record-breaking numbers reflect the trust and confidence that Filipinos have entrusted in our brand,” TMP president Masando Hashimoto said.
Electrified vehicle sales across Toyota and Lexus rose 95 percent to 14,057 units, accounting for 58 percent of industry-wide sales.
Metro Pacific income surges
Associate company Metro Pacific Investments Corp. saw net income rise to P28 billion from P20 billion in 2023, boosted by operational growth in its core sectors: energy, water, and toll roads. Core net income grew 21 percent to P23.6 billion.
Federal Land, AXA contribute to diversified portfolio
Federal Land posted P750 million in net income, with P12 billion in revenues. Key milestones included the launch of its Meadowcrest township and continued turnover of units in its luxury residential developments.
AXA Philippines reported P2.5 billion in net income, while gross premiums rose 19 percent to P30.4 billion.
GT Capital said it remains focused on sustaining growth through expansion in its core businesses and investments across key industries.
