‘As we move forward together, we will do so with unity and resilience. We remain steadfast in our commitment as we work towards our shared vision’
LTG president and COO Lucio Tan III brandished the strong business model of LT Group to guide the conglomerate out of the current challenges it is facing including high inflation.
Photograph COURTESY OF LT Group
Persistent high interest rates and lingering inflation woes will not rock the LT Group Inc., the holding company of most of the businesses of tycoon Lucio C. Tan, as it remains strong to overcome economic challenges.
“Our fundamentals are solid. While we are cautiously optimistic about the macroeconomic trends as interest rates are likely to stay higher for longer, while the inflationary environment may stay longer than expected,” LTG President and COO Lucio Tan III at the company’s annual meeting.
Tan said the company’s strong business model, brand franchises, and financial foundation of portfolio companies will help manage through the economic challenges this year.
“As we move forward together, we will do so with unity and resilience. We remain steadfast in our commitment as we work towards our shared vision,” he said.
Meanwhile, LTG chairman Tycoon Tan said the company’s growth will be further sustained through the collective support of the management and employees.
Transition year hurdled
“The year 2023 was a year of transition, as we saw a new President take over the helm of LT Group in May.”
“I am pleased that the management and employees of the companies under LTG threw their support behind him so that the transition was as smooth as possible. We were able to move forward together,” he said.
For the full year 2023, LTG booked a net income of P25.42 billion, slightly higher than the P25.14 billion reported in 2022.
Last year, LTG disclosed a substantial cash dividend payout of P1.20 per share, resulting in a total distribution of P12.99 billion.
The dividend payout represents a significant 51.7 percent of the company’s earnings, indicative of the company’s robust financial performance.
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