GT Capital Holdings Inc., a conglomerate led by the Ty family, said Tuesday net income climbed by 68 percent in 2021 to P11 billion from P6.5 billion in 2020 on better results from banking, automotive and real estate businesses.
GT Capital said in a disclosure to the stock exchange banking unit Metropolitan Bank & Trust Company improved its net income by 60 percent to P22.2 billion, while automotive unit Toyota Motor Philippines realized a net income of P6.2 billion, up 82 percent from a year ago.
The stronger real estate sales from Federal Land Inc. and higher net income contribution from associate Metro Pacific Investments Corp. also contributed to GT Capital’s positive performance in 2021.
“2021 was a strong bounce-back year for our group. Given the increased mobility and the gradual reopening of the Philippine economy in the fourth quarter, GT Capital delivered strong overall results in 2021 as we approach pre-COVID levels,” GT Capital president Carmelo Maria Luza Bautista said.
“Notwithstanding the recent geopolitical conflict between Russia and Ukraine and the rise in oil and commodity prices, we look forward to 2022 with reasonable optimism as we take on new growth opportunities,” Bautista said.
GT Capital said TMP booked consolidated revenues of P131.3 billion in 2021, up 32 percent from P99.8 billion in 2020, as sales climbed 30 percent to 129,667 units in 2021 from 100,019 units in 2020.
“As the economy and auto market resurges, TMP remains reasonably optimistic. In fact, in March this year, TMP achieved a remarkable milestone of selling over two million units in the country since it started operations over three decades ago,” GT Capital Auto Dealership Holdings Inc. chairman Vince Socco said.
Federal Land recorded a 57-percent increase in consolidated net income P1 billion as revenues climbed 12 percent to P10.4 billion
To sustain the momentum, Federal Land forged a strategic partnership with Japanese real estate developer Nomura Real Estate Development Co. Ltd. to develop residential, office industrial and commercial projects in Metro Manila, Cavite and Cebu.
The share price of GT Capital declined by 0.19 percent Tuesday to close at P527.
