LT Group Inc. on Monday reported a record net income of P28.92 billion in 2024, up 14 percent from P25.42 billion reported in 2023, driven by improved performance across core business segments.
Consolidated sales rose 11.8 percent to P128.9 billion from P115.3 billion in 2023, on the back of improved revenues from the banking, distilled spirits, beverage and property development segments, LT Group said in disclosure to the stock exchange.
The group’s tobacco business accounted for 44 percent of total net income, followed by Philippine National Bank (PNB) which contributed 41 percent. Tanduay Distillers Inc. and Asia Brewery delivered 7 percent and 3 percent, respectively
Eton Property Philippines Inc., Victorias Milling Company Inc. and other income accounted for the remaining 5 percent.
The tobacco segment’s net income reached P12.8 billion, up 12.2 percent from P11.4 billion reported in 2023 primarily due to higher dividends received from PMFTC and higher foreign exchange gains.
Sales volume, however, declined due to ongoing challenges posed by the illicit tobacco trade in the country.
The banking segment’s net income of P21.2 billion increased 11.3 percent from 2023.
The distilled spirits segment achieved a record net income of P2.2 billion in 2024, a 37.3-percent increase over the P1.6 billion in 2023. The growth was primarily attributed to a combination of increased sales volume and higher selling prices within the liquor segment.
The beverage segment booked a net income of P841 million in 2024, a 45.5-percent hike from P578 million in 2023. Revenues went up 4.8 percent to P18.2 billion as sales volume increased for all major product lines.
The group’s property development segment reported a net income of P212 million in 2024, down by 53.2 percent from P453 million seen in 2023.