LT Group Inc., the listed holding company of tycoon Lucio Tan, said Friday net income in 2022 jumped 24 percent to P25.14 billion from P20.25 billion in 2021, with tobacco business contributing the biggest share.
LT Group said in a stock exchange filing tobacco business accounted for P15.28 billion or 61 percent of total attributable income. The tobacco industry volume was estimated at 51.8 billion sticks in 2022, down 6.1 percent from 2021.
“The decline is largely attributed to the industry-wide price increases implemented in first quarter of 2022 to pass on the increase in excise taxes,” the company said.
Republic Act No. 11346 imposed a P5-per-pack increase in excise taxes on cigarettes to P55 starting Jan. 1, 2022.
PMFTC Inc., a joint venture of Philip Morris International and LT Group, reported sales volume of 32.2 billion sticks in 2022, down from 2021’s 34.4 billion sticks. As a result, the group’s tobacco business reported a 12-percent drop in net income to P15.34 billion.
LT Group’s banking unit Philippine National Bank contributed P6.61 billion to total net income, while liquor firm Tanduay Distillers Inc. added P1.47 billion.
Asia Brewery Inc. delivered P580 million, while Eton Properties Philippines Inc. contributed P372 million.
LT Group’s 30.9-percent stake in Victorias Milling Company Inc. accounted for P491 million.
PNB’s net income went down by 65 percent in 2022 to P11.77 billion from the previous year’s P34.02 billion, which included a P33.44-billion gain from transferring real estate assets into PNB Holdings Corp.
TDI’s net profit rose 18 percent in 2022 to P1.47 billion from P1.24 billion on the back of higher sales volume. Liquor volume increased 16 percent to 27.49 million cases from 23.69 million cases.
ABI’s net income also climbed 23 percent in 2022 to P583 million on improved sales volume.
Meanwhile, Eton booked a 32-percent decline in net income to P373 million. Income in 2022 was largely from leasing operations.