GTCAP reported profits of P8.68 billion in the first six months of 2021, up 169 percent from P3.228 billion during the same period last year.
GTCAP has already reached 90 percent of its pre-pandemic profit of P9.541 billion in the first half of 2019.
Revenues rose by 63 percent year-on-year to P85.658 billion in the first half this year, or 85 percent of its pre-COVID revenues.
GTCAP president Carmelo Maria Luza Bautista said: “The Group’s first-half performance demonstrates our inherent capacity to bounce back from the historic low levels of the past year, and in certain sectors, even optimize competitive strengths by gaining market share.”
“The group’s financial strength and liquidity reserves give us confidence that our component companies will stay resilient. We remain focused on the faster vaccination of our group employees, agency force, and their dependents, complementing access to vaccines from LGU sites with our own direct orders.” Bautista said.
GTCAP’s flagship firm, Metropolitan Bank & Trust Company (Metrobank), posted a 28 percent growth in profits to P11.7 billion in the first half on the back of high recurring fees and trust management anchored on the strongest balance sheet in the industry.
Its automotive arm, Toyota Motor Philippines saw its profits more than triple to P3.5 billion in the first half with sales growing 79 percent or much better than the industry’s overall growth of 51 percent.
GT Capital Auto Dealership Holdings, Inc. (GTCAD) chairman Vince S. Socco said:
“Despite the re-imposition of ECQ and MECQ for several months in the first half, TMP delivered strong results. We have significantly outpaced the growth momentum of the industry, which led us to achieve an all-time high market share of 45.6 percent. Our wide product lineup and ability to provide access to financing remain our primary drivers of growth.”
GTCAP’s property arm, Federal Land, recorded a 243 percent hike in profits to P587 million on higher office rentals despite a slowdown in sales reservations in the first half.
GTCAP also got positive contributions from its stake in Metro Pacific Investments which booked a 13 percent year-on-year hike in profits to P6 billion in the first half, after starting the year on a bad note.
Metro Pacific Investments Corporation (MPIC) also contributed to GT Capital’s positive performance in the first half of 2021. MPIC benefited from higher toll revenues of NLEX and electricity sales of Meralco.
Its insurance arm, AXA Philippines, enjoyed a 33 percent rise in gross premiums to P22.1 billion in the first half this year but profits slipped seven percent to P1.4 billion during the same period.