Conglomerate Ayala Corp. said its net income grew 23 percent to ₱23.9 billion in the nine months to September on higher earnings from its property, banking and telco units as economic activity accelerates and movement restrictions ease.
Excluding Bank of the Philippine Islands’ gain on the sale of property, Globe’s partial sales of its data center business and tower assets, AC Energy’s sale of GN Power Kauswagan, AC Health’s remeasurement gain in Qualimed, and other one-off items, Ayala’s net profit rose by only 13 percent to ₱21.8 billion.
“Our strong market positions in four of the five largest industrial sectors in the country have allowed us to capitalize on the re-opening of the economy to grow topline and core net income. Our largest publicly listed companies reported strong results, and the other companies in our portfolio are gaining traction and adding heft”, said Ayala president and CEO Cezar P. Consing.
For the third quarter, Ayala’s net profit fell 15 percent because of a net one-off gain in the third quarter of 2021 and a net one-off loss in the third quarter this year. Without the one-off items, the conglomerate reported a 44 percent jump in profit toP8.6 billion on robust contributions from ALI and BPI.
ALI’s property development and commercial leasing segments registered double digit gains while BPI’s net interest income and non-interest income continued to show significant growth.
Ayala expanded its asset base by 10 percent to ₱1.48 trillion from end-2021 mainly due to increases in investments in associates and joint ventures.