Conglomerates Ayala Corp., GT Capital Holdings Inc. and JG Summit Holdings Inc. posted robust profits in the first nine months of 2023 on strong contribution from core businesses.
Ayala said in a disclosure to the stock exchange its nine-month net income reached P32.2 billion, up 34.7 percent from a year ago despite the economic headwinds and geopolitical tension in the Middle East.
“Despite macroeconomic and geopolitical headwinds, our outlook remains intact as we look to end the year with profits exceeding pre-COVID levels. We continue to build on our solid 9M results and rationalize our portfolio wherever it makes sense to do so,” Ayala president and chief executive Cezar Consing said.
GT Capital Holdings Inc. (GTCAP) of the Ty family said net income from January to September this year surged 54 percent to P23.09 billion from P14.95 billion in the previous year. Core net income also increased 105 percent to P23.25 billion.
Its core net income was driven by Metropolitan Bank & Trust Company (Metrobank) which posted a record net income of P31.8 billion, representing a 36 percent year-on-year increase and Toyota Motor Philippines (TMP) which realized a profit of P10.9 billion, up 159 percent compared to the previous year.
JG Summit Holdings Inc. of the Gokongwei Group reported a combined profit of P15.4 billion in the first nine months, a turnaround from the P900-million net loss it logged in the same period last year.
JG Summit said the positive nine-month performance was due to the turnaround of its air transport operations plus margin gains in real estate and food businesses.
Nine-month revenues increased by 16 percent year-on-year to P251.3 billion.
“We continued to sustain the topline growth and margin expansion with good operating results in the third quarter from our business units,” JG Summit president and chief executive officer Lance Gokongwei said.
“We, however, remain cognizant of both macro and industry challenges that our strategic business units continue to face, especially with the recent volatility in fuel costs and foreign exchange rates, and elevated borrowing costs. With this in mind, we carry through with our initiatives to improve efficiency and profitability, while pursuing growth,” he said.
