Conglomerate Ayala Corp. said Friday core net income climbed 18 percent in 2022 to P27.7 billion from a year ago, as the reopening of the domestic economy pushed up earnings of banking and property businesses.
Consolidated revenues went up 18.5 percent to P216.2 billion from P182.5 billion in 2021.
“Our full-year results demonstrate the strength and diversification of our portfolio. If 2022 was marked by revenge spending on the part of consumers, 2023 may well see the resurgence of the economy as a whole. With strengthening macro, our businesses should get back to or exceed pre-pandemic levels in 2023,” Ayala president and chief executive Cezar Consing said Friday in a statement to the stock exchange.
Banking unit Bank of the Philippine Island reported a net income of P39.6 billion in 2022, up 66 percent year-on-year on higher interest and non-interest income, lower provisions and the gain from a property sale.
Property arm Ayala Land Inc.’s net income jumped 52 percent year-on-year to P18.6 billion on stronger commercial lot sales and the doubling of revenues from commercial leasing and hotels and resorts.
Globe Telecom Inc. also registered a 46-percent increase in net income to P34.6 billion mainly from higher data service revenues and gains from the partial sale of its data center business and a portion of its tower assets.
Net income of ACEN Corp. more than doubled year-on-year to P13.1 billion mainly because of a revaluation gain from its accelerated acquisition of UPC Australia, supported by contributions from new domestic and international plants.
ACEN’s parent company, AC Energy, reported a 50-percent decline in net income in 2022 to P4.6 billion mainly due to one-offs from the divestment of two coal assets.
The conglomerate’s emerging businesses, AC Health, achieved profitability in 2022 as it booked P229 million in net income due to the improving results of its pharmaceutical and clinic arms.
AC Logistics continued to focus on growing its businesses beyond last mile and integrating the assets of Entrego and AIR21 Holdings Inc. to improve efficiencies and customer experience.
The conglomerate spent P280.3 billion in capital expenditures in 2022, mainly due to investments made by Ayala Land, Globe and ACEN.