To reward shareholders, the holding company led by millennial tycoon Lucio Tan III declared a special dividend of P0.35 per share, bringing its total 2024 payout to P1.25 per share, or P13.53 billion, representing a 53-percent payout ratio.
Robust stock performance
LTG shares, once a laggard among its conglomerate peers, added 1.55 percent to P11.80 each, valuing the company at about P128 billion.
The stock is up about 12.4 percent since the start of the year and higher by 23 percent over the past 12 months.
Breakdown
Fortune Tobacco Corp. (FTC) remained the largest contributor, generating P12.72 billion, or 44 percent of total profit, despite an 11- percent decline in cigarette sales due to affordability issues, rising illicit trade, and increased vaping adoption.
Philippine National Bank (PNB) followed, delivering P11.89 billion, or 41 percent of LTG’s total net income, as higher loan and deposit volumes pushed net interest income up 11 percent to P49.34 billion.
Tanduay Distillers achieved a record profit of P2.15 billion, up 37 percent, benefiting from higher liquor prices and a 2-percent rise in sales volume.
However, its nationwide market share slightly dipped to 32.2 percent, reflecting inflation-driven consumer spending shifts and competitive pressures.
Beer, property, sugar
Asia Brewery’s net income surged 46 percent to P841 million, led by higher sales across major product lines, with Cobra energy drink maintaining its market leadership at 53 percent.
Eton Properties struggled, with net income dropping 53 percent to P212 million due to lower leasing income and higher operating expenses.
Its leasing revenue fell 1 percent, as declining occupancy rates and rental prices weighed on performance, though residential sales picked up with P501 million booked from ongoing projects.
Meanwhile, Victorias Milling Co. and other investments added P492 million and P638 million, respectively.
