MANILA, Philippines — GT Capital Holdings Inc. is interested in venturing into infrastructure projects with Metro Pacific Investments Corp. (MPIC).
“If there is a stand-alone infrastructure project which makes sense for us, we can explore that within the group,” GT Capital president Carmelo Bautista said when asked by analysts if the conglomerate was open to investing in the infrastructure sector.
Bautista said GT Capital’s presence in infrastructure remains limited to its stake in MPIC.
GT Capital and MPIC entered into a strategic alliance in 2016 wherein the former acquired a 15.6 percent stake in the Pangilinan-led infrastructure conglomerate.
The two giants further strengthened the partnership with the appointment of GT Capital vice chairman Alfred Ty as vice-chairman of MPIC last month.
Bautista said the conglomerate is open to doing infrastructure projects that can provide synergies with GT Capital’s existing businesses.
One example, he said, is something that could work well with GT Capital’s automotive business such as logistics or cargo space.
GT Capital has a wide range of businesses in its portfolio: Toyota Motor Philippines Corp, Metrobank & Trust Co., AXA Philippines, Metro Pacific Investments Corp., Federal Land Inc. and Property Company of Friends.
The conglomerate expects to sustain its growth momentum this year given the country’s booming economy.
Last year, GT Capital’s profit grew 29 percent to P15 billion, driven by the strong performance of its automotive, banking and infrastructure businesses. Revenues increased by 19 percent to P239.8 billion.
Bautista said Toyota Motor Philippines continues to enjoy strong sales led by the Toyota Fortuner.
Toyota, the country’s top automotive company, grew its net income 11 percent to P13.4 billion. Revenues rose 19 percent to P185.3 billion last year.
“Toyota maintained its industry-leading position with an overall market share of 39 percent, reinforced by continued strong sales from the Fortuner, Vios and Innova models,” Bautista said.
Improved results from associates Metrobank, AXA Philippines, and MPIC also contributed to GT Capital’s revenue growth.
“Our full-year 2017 results show encouraging growth momentum, with core net income up by 29 percent. GT Capital’s key sectors continue to be in the sweet spot, in line with our country’s stage of economic development, reaping demographic dividends,” Bautista said.