GT Capital earnings up 67% in 2022
Conglomerate GT Capital Holdings Inc. reported a 67 percent growth in its consolidated net income to P18.4 billion last year as its businesses recovered along with the recovery of the economy.
Core net income increased by 45 percent to P15.9 billion last year, driven by net income contributions from banking, automotive and other segments.
GT Capital accelerated its recovery momentum as the economy recovered and consumption spending and mobility normalized, despite inflation, elevated interest rates, and foreign exchange volatility.
“We remain optimistic with the outlook for the coming year and are confident in our strong market position in the key sectors we represent,” GT Capital president Carmelo Maria Luza Bautista said.
Net income contributions from the banking business, Metropolitan Bank & Trust Company (Metrobank) reached P32.8 billion, Toyota Motor Philippines P5.7 billion; Federal Land P4.5 billion, and AXA Philippines P2.5 billion.
GT Capital associate Metro Pacific Investments Corp. (Metro Pacific) also supported the positive performance during the period with a 15 percent increase in core net income to P14.2 billion.
Metrobank reported a 48 percent year-on-year increase in net income to P32.8 billion on the back of better corporate and consumer lending businesses, “Backed by the strategies we initiated during the pandemic, our solid performance and the recognitions we received in 2022 reflect our efforts to support our clients’ growing needs as the economy reopens. With our strong balance sheet and highly capable team of Metrobankers, we stand ready to continue to be the trusted partner of all our stakeholders for the long term,” said Metrobank president Fabian Dee.
Toyota, for its part, grew its market share to a record-high market share of 50 percent as new vehicle sales hit 174,106 units in 2022, a growth of 34 percent versus 2021.
The auto market, on the other hand, posted sales of 348,200 units or a growth of 24 percent. Despite this, Toyota’s consolidated net income dipped to P5.7 billion last year from P6 billion a year ago due to the rapid and steep depreciation of the peso against the dollar.
“To mitigate the impact of the peso depreciation, Toyota also resorted to six price increases through the year while cutting back on sales promotion expenses. Dealers were able to capitalize on the return of mobility, driving up revenues from spare parts and repair and maintenance services. The outlook for 2023 remains positive with the expected stabilization of exchange rates, the regularization of supply chains, and the robust economic growth forecasted by the government,” said GT Capital Auto and Mobility Holdings, Inc. (GTCAM) chairman Vince Socco.
Federal Land Inc. recorded a 363 percent increase in its consolidated net income to P4.5 billion in 2022 from P1 billion in 2021.
This was driven by stronger reservation sales and a gain on its investment in Federal Land NRE Global Inc.
Federal Land launched two new projects in 2022, namely the Aki Tower in February and MITSUKOSHI BGC in November. Aki Tower is the third residential tower of The Seasons Residences located in Federal Land’s master-planned community, Grand Central Park in Bonifacio Global City.