Ty family’s GT Capital expanded its net income by more than half in the first nine months, propelled by higher contributions from its key businesses.
GT Capital booked a consolidated net income of P23.09 billion during the nine-month period, up 54 percent.
Its core net income, on the other hand, surged by 105 percent to P23.25 billion.
GT Capital said Metrobank’s continued loan growth and margin expansion, Toyota Motor Philippines’ record sales levels, and market leadership, as well as Federal Land’s strong reservation sales, all drove its notable core net income growth during the period.
Metrobank saw its net income climb by 36 percent to a record high of P31.8 billion, while Toyota Motor Philippines reported a 159 percent jump in net income to P10.9 billion.
Federal Land recorded a 176 percent hike in net income at P1.9 billion, while AXA Philippines’ earnings went up by 17 percent to P2.1 billion.
GT Capital said a higher net income contribution from associate Metro Pacific also contributed to the group’s healthy performance.
GT Capital’s consolidated and core net income for the nine-month period are already significantly higher by 53 percent and 94 percent, respectively, compared to the first nine months of pre-Covid 2019.
“With GDP growth beating estimates and inflation improving during the third quarter, our operating companies continue to far exceed expectations. Metrobank continued its record-setting pace during the quarter. Toyota Motor Philippines’ sales volume is on track to overachieve its targets for 2023.
Federal Land’s reservation sales and core income are at an all-time high. With our key businesses thriving, GT Capital continues to be resilient despite persistent economic headwinds,” GT Capital president Carmelo Maria Luza Bautista said.
“We are hopeful that our growth momentum will help carry us forward for the rest of the year,” he added.”