Tobacco and beverages drive LTG profit to P29B in 2024
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LT Group, Inc. (LTG), the holding company of most of the businesses of tycoon Lucio C. Tan, reported a record attributable net income of P28.92 billion in 2024, up 14 percent from P25.42 billion in 2023, driven by strong performances in tobacco, banking, and beverages.
Fortune Tobacco Corp. (FTC) remained the top contributor with P12.72 billion, or 44 percent of total earnings, followed by Philippine National Bank (PNB) with P11.89 billion.
Tanduay Distillers, Inc. and Asia Brewery, Inc. (ABI) added P2.14 billion and P836 million, respectively, while Eton Properties Philippines, Inc., and Victorias Milling Company posted P211 million and P492 million. Other income stood at P638 million.
FTC’s net income rose 12 percent to P12.77 billion, driven by higher dividends from PMFTC and foreign exchange gains. PMFTC’s cigarette sales fell 11 percent to 21.1 billion sticks due to affordability issues, illicit trade, and vaping adoption. Authorities seized 1.2 billion illicit cigarettes in 2024, double the previous year’s haul.
PNB’s net income under the pooling method increased 11 percent to P21.18 billion, supported by a 13 percent rise in gross interest income to P67.46 billion.
Tanduay’s net income surged 37 percent to P2.15 billion on higher liquor and bioethanol sales and improved pricing. Revenues climbed 13 percent to P33.85 billion, while cost of sales rose 11 percent.
Tanduay held dominant shares in Visayas and Mindanao at 70.9 percent and 80.8 percent, respectively, though its nationwide share slipped to 32.2 percent. In October, it sold its P1.5-billion stake in Asian Alcohol Corp. for P1.8 billion, with an upfront payment of P480 million.
ABI’s net income jumped 46 percent to P841 million, with revenues up 5 percent to P18.21 billion. Cobra Energy Drink led with a 53 percent market share, while Absolute and Summit bottled water brands held a combined 17 percent.
Eton’s net income fell 53 percent to P212 million due to lower leasing income and higher costs.
Leasing revenues dipped 1 percent to P2.03 billion, while residential sales reached P501 million, driven by continued sales at 68 Roces in Quezon City and Eton City in Laguna. Its leasing portfolio spans 288,000 square meters, with 192,000 square meters allocated for office space.
