GT Capital Holdings saw core profits rise 7 percent to P7.1 billion during the first quarter of 2024.
Gains during the quarter were driven by strong performances from Metropolitan Bank & Trust Co. (P12.0 billion), Toyota Motor Philippines (P4 billion), AXA Philippines Life and General Insurance Corp. (P728 million), and Federal Land (P291 million).
Metro Pacific Investments Corp., which operates toll roads, power distribution and water services, also contributed P6.8 billion to operations, an increase of 20 percent.
Management’s view:
“We are encouraged by the quality and persistency of our core earnings growth on top of the prior year’s historical high levels,” said GT Capital President Carmelo Maria Luza Bautista said.
“These demonstrate the strength in the underlying fundamentals of GT Capital and the resiliency of the domestic economy. We thus remain confident that our group will be able to sustain its early gains through the rest of this year,” he added.
Banks, cars deliver strong gains
Metrobank reported net earnings of P12 billion in the first quarter of 2024, a 14.5 percent increase year-on-year. This resulted in a return on equity of 13.7 percent, up from 13.1 percent a year ago.
Toyota Motor Philippines reported a 5 percent revenue growth to P56.2 billion and a net income of P4 billion, with retail sales of 49,667 units. This was a 10 percent increase, maintaining a 45.1 percent market share during the first quarter.
Property and insurance
GT Capital's subsidiary Federal Land reported total revenues of P3 billion and a net income of P291 million, higher by 15.4 percent and 1.7 percent, respectively. Gains were driven by projects like Riverpark in Cavite and Meadowcrest along the Sta. Rosa-Tagaytay growth corridor.
AXA Philippines' gross premiums rose 16 percent to P7.3 billion, and its net income increased by 3 percent to P728 million during the quarter.
