Tanduay hits record P2.15B income in 2024

Lucio Tan-led Tanduay Distillers, Inc. (TDI) posted a record net income of P2.15 billion in 2024, a 37 percent increase from the previous year, driven by higher liquor and bioethanol sales and strategic price increases.

The company reported on Thursday that its liquor and bioethanol volumes rose by 2 percent and 1 percent, respectively, while segment revenues grew 13 percent to P33.85 billion due to pricing adjustments.

Despite inflation and weather-related disruptions impacting consumer spending, TDI reinforced its leadership in the Visayas and Mindanao regions, where it holds market shares of 70.6 percent and 79.6 percent, respectively.

However, its national market share for distilled spirits slipped slightly to 32.2 percent from 32.9 percent in 2023 amid intensified competition.

In October 2024, TDI sold its stake in Asian Alcohol Corp. for P1.8 billion, with a four-year payment term and an initial cash payment of P480 million to streamline operations and focus on core businesses.

TDI’s performance contributed P2.14 billion or 7 percent to LT Group, Inc.’s (LTG) record attributable net income of P28.92 billion in 2024, a 14 percent increase from P25.42 billion the previous year.

Among LTG’s other subsidiaries, Fortune Tobacco Corp. reported a 12 percent increase in net income to P12.77 billion, boosted by higher PMFTC dividends and foreign exchange gains, while Philippine National Bank saw an 11 percent rise to P21.18 billion.

Asia Brewery, Inc. posted a 46 percent jump in net income to P841 million, fueled by a 5 percent sales increase, while Eton Properties Philippines, Inc. recorded a 53 percent decline to P212 million due to lower leasing income and higher operating costs. Victorias Milling Company contributed P492 million to LTG’s bottom line.