Strong results from its banking, property, and energy businesses powered conglomerate Ayala Corp. (AC)’s higher profitability in the first nine months of the year.
AC reported a 43 percent jump in core net income to P31 billion during the nine-month period, driven by robust financial performances from BPI, Ayala Land, and ACEN.
From January to September, BPI’s earnings expanded by 26 percent, while those of Ayala Land and ACEN surged by 38 percent and 59 percent, respectively.
AC said its nine-month core net income is already on par with the company’s full-year 2019 earnings.
Accounting for all one-off items, including a P2.2 billion gain from the sale of the MCX toll road, AC’s net income in the first nine months grew 35 percent year-on-year to P32.3 billion.
“Despite macroeconomic and geopolitical headwinds, our outlook remains intact as we look to end the year with profits exceeding pre-COVID levels,” Consing said.
“We continue to build on our solid nine-month results and rationalize our portfolio wherever it makes sense to do so,” he added.
AC has so far completed several divestments in line with its portfolio rationalization initiatives while also continuing to scale emerging businesses such as AC Health and AC Logistics.