Philippines’ leading conglomerate Ayala Corp. saw an impressive 18 percent increase in its core net income to P27.7 billion last year, fueled by strong performances from its real estate and banking units.
Ayala Land, the company’s property arm, saw its earnings surge 52 percent to ₱18.6 billion, thanks to robust sales in commercial lots and a doubling of revenues from commercial leasing and hotels and resorts.
Bank of the Philippine Islands (BPI) delivered a stellar performance, with earnings soaring 66 percent to P39.6 billion, buoyed by higher interest and non-interest income, lower provisions, and gains from a property sale.
Telco giant Globe, in which Ayala holds a significant stake, posted a 46 percent increase in net income to ₱34.6 billion, driven by higher data service revenues and gains from the partial sale of its data center and tower assets.
Power unit AC Energy reported a 50 percent decline in profit to ₱4.6 billion, largely due to one-offs from the divestment of two coal assets, a write-down from the divestment of South Luzon Thermal Energy Corp. in 2022, and a gain from the divestment of GN Power Kauswagan in 2021.
However, isolating the impact of these significant one-offs, AC Energy’s core net income only declined by four percent year-on-year. ACEN, the company’s renewable energy arm, more than doubled its earnings to ₱13.1 billion, primarily due to a revaluation gain from its accelerated acquisition of UPC Australia, supported by contributions from new domestic and international plants.
AC Health achieved profitability, booking ₱229 million in net income, primarily due to the improving results of its pharma and clinic arms, boosted by a remeasurement gain related to its stake in IE Medica.
Meanwhile, AC Logistics continued to expand its businesses beyond last mile and integrate the assets of Entrego and AHI to enhance efficiencies and customer experience.
