Ty's GT Capital grows during the 1st half due to Metrobank, Toyota cars

Alfred Ty 
GT Capital Vice Chair 

The Ty family-led conglomerate GT Capital Holdings saw lower earnings during the first six months of the year due to the absence of one-time gains, while core profit rose due to robust contributions from banks, car sales, property, and infrastructure.

Total revenues during the period grew 2 percent to P150.7 billion, the company said in a stock exchange filing on Thursday. 

Management’s view 

“Coming off the record performance in 2023, GT Capital continued to show positive growth in the first half of 2024,” said GT Capital President Carmelo Maria Luza Bautista

GT Capital closed the first semester with a profit of P13.8 billion, down 17 percent compared to the previous year. When excluding one-time gains, profit would have increased 5 percent.

Carmelo Maria Luza Bautista
GT Capital, President 

“We remain encouraged by the strong core business fundamentals of GT Capital and the resiliency of the domestic economy,” Bautista said.

“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,” he added.

Metrobank, Toyota Philippines 

Earnings were driven by Metrobank’s record P23.6 billion net income and a 7 percent revenue increase at Toyota Motor Philippines (TMP), thanks to an 11.5 percent boost in vehicle sales.

TMP increased sales in the first half by 7 percent to about P114 billion.

“This performance was driven by the 11.5 percent growth of retail unit sales to 104,350 units, a result of higher purchases of the Vios and Wigo models,” GT Capital said.

"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".
- Carmelo Maria Luza Bautista, GT Capital President 

Federal Land, AXA, Metro Pacific

Other key contributors were Federal Land’s P775 million net income.

The builder added locators to its Riverpark project and launched Hartwood Village, which saw a 65 percent take-up on its first day. Federal Land also broke ground on The Observatory and completed the second tower of the Grand Hyatt Residences.

Metro Pacific Investments Corp., partly owned by GT Capital, saw core net income surge 27 percent to a record P12.5 billion, while AXA Philippines booked 15 percent profit growth, reaching P1.5 billion.

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