GT Capital Holdings Inc., the listed holding company of the Ty family, saw its 2024 net income decline 1.7 percent to P28.8 billion from P29.3 billion in 2023.
Core net income, which excludes non-recurring gains from lot sales and incentives under the Comprehensive Automotive Resurgence Strategy (CARS) program, grew 11 percent year-on-year.
The growth was largely due to strong performance of GT Capital’s operating companies Metropolitan Bank & Trust Company and Toyota Motor Philippines (TMP), which delivered record profits of P48.1 billion and Php15.9 billion, respectively.
“GT Capital’s core net income grew by 11 percent in 2024, building on the record levels achieved the previous year. This continuous improvement reflects the group’s strong fundamentals across diversified sectors,” said GT Capital president Carmelo Maria Luza Bautista.
“We remain optimistic that our core businesses will sustain this growth momentum moving forward. This year, GT Capital is committed to pushing boundaries further and reaching new milestones,” he said.
Metrobank’s net income rose 14 percent year-on-year to a record P48.1 billion in 2024 on the back of robust asset expansion and improving asset quality.
TMP’s net income grew 15.3 percent in full-year 2024 to P15.9 billion as automotive sales rose 9 percent 218,019 units. Market share in the total automotive industry reached 46 percent
It sold 14,057 units of electrified vehicle sales, up 95 percent year-on-year. Jenniffer B. Austria
“In my first year as president of TMP, I have been able to witness first-hand the strength and potential of the Philippine automotive industry. Our record-breaking numbers reflect the trust and confidence that Filipinos have entrusted in our brand. This 2025, we remain committed to providing quality and reliable vehicles to our customers, ensuring that we continue to offer sustainable mobility solutions, and in turn, supporting the country’s economic progress,” TMP president Masando Hashimoto said.
The group’s wholly-owned property subsidiary Federal Land Inc. reported net income of P750 million and revenues of P12 billion.
GT Capital’s insurance arm AXA Philippines Life and General Insurance Corp. reported a 19-percent increase in gross premiums of P30.4 billion.
Its 2024 net income stood at P2.5 billion, lower than P2.6 billion in the previous year.