MANILA, Philippines — GT Capital Holdings Inc., the listed conglomerate of the Ty Group finished 2023 with all-time high core earnings, buoyed by record-setting financial results from core businesses.
GT Capital reported an 82-percent surge in its core net income to P28.8 billion in 2023 from P15.9 billion in 2022.
Consolidated net income, meanwhile, grew by 57 percent to P28.7 billion in 2023 from the previous year’s P18.4 billion.
Compared to 2019 or pre-COVID-19 level, GT Capital’s core and consolidated net income for 2023 are higher by 83 percent and 41 percent, respectively.
GT Capital president Carmelo Maria Luza Bautista said 2023 was an exceptional year for the group.
“A significant level up from the previous year, our expectations were exceeded by the record-setting financial results from our core businesses; Metrobank, Toyota Motor Philippines and Federal Land,” he said.
Bautista said an improving per capita GDP of the country has fostered the emergence of an upper middle-class segment within the economy.
“As disposable incomes rise, improved living standards rise in tandem with demand for goods and services. Together with our strategic global partners, the GT Capital Group is well positioned to cater to the needs and preferences of this expanding segment,” he said.
Given the outstanding growth in 2023, Bautista said GT Capital expects a more tempered growth for this year.
Across its business segments, banking arm Metrobank registered record high earnings of P42.2 billion, up by 28.9 percent year-on-year, driven by asset expansion, higher margins, improving efficiency levels and better asset quality.
“This indicates that we are firmly on track with our long-term growth strategies supported by our highly capable and resilient team of Metrobankers and strong balance sheet. We look forward to further expanding our partnerships with all our stakeholders,” Metrobank president Fabian Dee said.
Toyota Motor Philippines (TMP) saw its net income soar by 145 percent to P13.8 billion in 2023 from P5.7 billion the previous year as revenues revved up by 24 percent to P227.1 billion.
Retail sales for the year reached 200,031 units, fueled by strong sales from the Vios, Hilux, Raize, Innova, Hiace and Wigo models.
“TMP achieved a record high performance and made 2023 one of our most historic years ever. With the resumption of motorization, the continued under penetration of passenger cars in the country and an improved supply situation, we are confident that Toyota will continue to lead the way this year,” TMP president Masando Hashimoto said.
Core net income of property subsidiary Federal Land Inc. also jumped by 65 percent to P2.1 billion in 2023, with revenues rising by 54 percent year-on-year to P20.8 billion.
Sales of The Seasons Residences and the Grand Hyatt Residences South Tower in Taguig beefed up reservation sales for the year by 24 percent to P23 billion.
AXA Philippines’ posted a consolidated net income of P2.6 billion last year, up by four percent from P2.5 billion in 2022.
Metro Pacific Investments Corp.’s consolidated net income attributable to the company, meanwhile, rose by 91 percent to a record high P20 billion in 2023 from P10.5 billion the previous year.
With interests in market-leading businesses in banking, automotive assembly, importation, distribution and financing, property development, life and general insurance and infrastructure and utilities, GT Capital is exploring opportunities to diversify into new business segments, which include healthcare and renewable energy.