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The Zobel family conglomerate Ayala Corp. booked robust profit in the first quarter of the year with its banking arm, Bank of the Philippine Islands (BPI), leading the growth path.
The holding company’s core profits from January to March soared by 26 percent to P11.8 billion. Including one-off items, Ayala’s net income was 28 percent higher at P13 billion.
“We are seeing growth momentum across most of our businesses. This speaks to the resilience of the economy and our ability to provide products and services that are valued by customers,” Ayala President and CEO Cezar P. Consing said in a stock report on Tuesday.
Year-on-year, BPI’s first-quarter net income increased by 26 percent to P15.3 billion as strong revenue growth offset higher operating expenses and provisions — an all-time high quarterly profit for the bank.
Robust property demand
Meanwhile, Ayala Land experienced substantial earnings growth, driven by robust property demand and sustained consumer activity. The company’s net income surged by 39 percent, reaching P6.3 billion during the quarter.
ACEN Corp., the conglomerate’s energy platform, reported a consolidated net income growth of 34 percent to P2.7 billion. The positive financial performance was primarily driven by a 49 percent increase in attributable renewable energy output to 1,580-gigawatt hours and its strengthened net selling position in the wholesale electricity spot market.
AC Energy & Infrastructure (ACEIC), the parent company of ACEN, saw its core earnings grow 34 percent to P3.1 billion on ACEN’s higher contributions, as well as higher net financing income and forex gains.
The growth was tempered by the dip in earnings from its thermal assets. Including one-off items, ACEIC’s net income was up 20 percent to P3.2 billion due to its share in the gain from the Blue Circle sale.
Globe income down
From January to March, Globe Telecom, Inc. suffered a 7 percent decline in net income to P6.8 billion due to higher depreciation expenses, non-operating charges, and the tower sale.
AC Health, on the other hand, continues to gain traction across all its pillars. Revenues grew 14 percent to P2.2 billion while EBITDA excluding ramp-up costs for the new cancer hospital and KonsultaMD was also up 36 percent to P127 million.
AC Industrials logged narrower losses of P931 million compared to P980 million in the previous year. The majority of the losses, amounting to P670 million, were attributable to an impairment provision for Via Optronics.
Integrated Micro-Electronics Inc. (IMI), for its part, saw its revenues dip 16 percent, partly due to the divestment of STI, which still incurred revenues in the same period of last year. Losses widened to $3.7 million during the period as its industrial customers continued to see softness in their end-consumer markets.
To lead the recovery and improve competitiveness, IMI appointed Louis Hughes as chief executive officer effective last 1 May.
Top platform for EVs
Meanwhile, AC Mobility aims to be the Philippines’ top platform for electric vehicles (EVs) and other alternative fuel vehicles by the end of the decade or by 2030.
The company is currently offering five Battery Electric Vehicle models and one Hybrid Electric Vehicle.
