Metro Manila (CNN Philippines, August 17) — Listed conglomerate GT Capital Holdings saw earning surge in the first half of 2021 as most of its core businesses raked higher incomes during the period.
The Ty family-led company disclosed to the local stock exchange on Tuesday a consolidated net income of ₱6.7 billion from January to June, shooting past the ₱2.7 billion logged in the same period last year.
GT Capital reported earnings of ₱3.5 billion for Toyota Motor Philippines — way up from ₱1 billion in the first semester of 2020 with retail vehicle sales climbing by 79% year-on-year and automotive sales growing by 51%.
“TMP has remained the country’s number one automotive brand with a record 45.6% overall market share in the first half of 2021, continuing its strong leadership position in the market,” said GT Capital.
Meanwhile, Metrobank logged ₱11.7 billion in net income for the period, increasing by 28%.
One of the country’s largest banks saw fee-based income grow by 16%, reaching ₱6.4 billion buoyed by the revival of transaction volumes. Trust income also expanded by 21%, with assets under management also going up by 17%, GT Capital noted.
“With non-performing loans stable at 2.3%, the Bank’s proactive provisioning has proven to be sufficient to cover its credit risks, allowing a significant reduction in provisions this year, while maintaining a high NPL cover of 179%,” it further explained.
Infrastructure conglomerate Metro Pacific Investment Corp. posted ₱6 billion in earnings for the period, rising from ₱5.3 billion recorded from January to June 2020 due to improvements in toll road traffic and more electricity volume sold.
“This acceleration of growth reflects an improvement in performance notwithstanding the continued imposition of varying levels of quarantine across the country, and was partially augmented by the impact of the Corporate Recovery and Tax Incentives for Enterprises Law,” GT Capital explained.
Property arm Federal Land also performed stronger during the period, posting ₱587 million in earnings, higher than last year’s ₱171 million with sustained construction activity and higher project bookings.
While AXA Philippines saw consolidated life and general insurance gross premiums go up to ₱22.1 billion in the first semester of 2021 — a 33% improvement — its consolidated net income dwindled from ₱1.5 billion last year to ₱1.4 billion.
GT Capital president Carmelo Bautista welcomed the results for the period, noting these are “approximately 80% of 2021 pre-COVID levels.”
“Amidst challenging conditions, the Group’s first half performance demonstrates our inherent capacity to bounce back from the historic low levels of the past year, and in certain sectors, even optimize competitive strengths by gaining market share,” said Bautista.
The GT Capital big boss assured they are focusing on ramping up vaccination of the group’s employees, agency force and their dependents, complementing shots from local governments.
GT Capital shares closed at ₱530 apiece on Tuesday, unchanged from Monday’s close.
