Banking, property fuels sales 18% up

Ayala Corp. (AC), the country’s oldest conglomerate, reported stable improvements in its earnings during the first half of the year, and it hopes to maintain this positive trend throughout the remainder of 2024.

The Zobel family’s flagship said AC’s core net income, which excludes significant one-off items, increased by 18 percent to P24.3 billion from higher contributions from its banking, real estate, telecommunications and power businesses.

Additionally, when accounting for one-time gains and losses, Ayala’s net income grew by 21 percent, reaching P22.3 billion.

“We are pleased with the sustained growth trajectory of our core earnings. We will continue to grow our quality businesses and explore initiatives to improve shareholder value,” Ayala president and CEO Cezar Consing said.

BPI recorded a record-breaking P30.6 billion in semester net income, a 22 percent increase driven by consistent growth in loans, net interest margins and fee income.

Ayala Land experienced a 15 percent increase in net income, reaching P13.1 billion, thanks to resilient demand and robust consumer activity boosting revenues in key business segments.

Core profit jumps 18%

Globe’s core net income exhibited an 18 percent improvement to P11.7 billion, attributed to steady growth in data revenues and higher equity earnings from Mynt, surpassing operating expenses. 

However, excluding gains from Globe’s tower sale program, the net income grew by one percent, reaching P14.5 billion.

ACEN’s net income, excluding certain value realization gains, experienced a significant increase of 21 percent, reaching P4.9 billion amid higher attributable renewable energy generation and an enhanced net selling merchant position in the Philippine Wholesale Electricity Spot Market.

ACEIC, the parent company of ACEN, posted a net income of P6.7 billion, representing a 25 percent growth. When considering one-off items, ACEIC’s net income showed an 11 percent increase, clocking in at P7.7 billion.

Meanwhile, AC Health reported a 12 percent increase in revenue to P4.4 billion, driven by strong contributions from both its provider and pharma groups. However, the company’s net loss widened to P327 million primarily due to expenses associated with the expansion of its cancer hospital.

AC Industrials experienced a reduction in its net loss from P5.8 billion to P5.3 billion, primarily due to lower impairment charges. Excluding one-time items, AC Industrials’ core net loss increased from P446 million to P596 million, mainly attributed to ongoing challenges in its 2-wheel business and higher operating expenses in ACMobility.

In August, Ayala, through its wholly owned subsidiary AC Ventures Holding Corp., entered into a definitive agreement to increase its ownership stake in Mynt by eight percentage points. 

The transaction valued Mynt at approximately P86.4 billion, increasing Ayala’s ownership in Mynt to about 13 percent.