LT Group, Inc., the holding company behind tycoon Lucio C. Tan’s business interests, is riding high this year after reporting a record attributable net income of P22.57 billion for the first nine months, up 14 percent from a year ago. 

The company said Thursday that its January-to-September earnings marked the strongest nine-month and third-quarter performance since its follow-on public offering, driven by robust contributions from banking, tobacco, and beverage units.

Philippine National Bank (PNB) led contributions with P10.40 billion, or 46 percent of total income, followed by Fortune Tobacco Corp. (FTC), with P8.12 billion, or 36 percent. 

Tanduay Distillers, Inc. (TDI), and Asia Brewery, Inc. (ABI), added P2.39 billion and P731 million, while Eton Properties Philippines, Inc., and Victorias Milling Company contributed P481 million and P276 million.

PNB posted net income of P18.51 billion, up 23 percent from P15.06 billion a year earlier. Net interest income rose to P39.30 billion on higher gross interest income of P52.37 billion and lower interest expenses of P13.07 billion.

FTC’s net income grew 3 percent to P8.16 billion, driven by higher equity earnings from PMFTC, which contributed P6.91 billion. Total industry volume rose 3 percent to 34.7 billion sticks, with PMFTC outperforming the market at 16.4 billion sticks and lifting its market share to 47.4 percent.

TDI’s net income jumped 59 percent to P2.40 billion on higher liquor prices and lower costs, boosting gross margins to 18 percent. Its market share reached 38.5 percent nationwide, dominating Visayas and Mindanao at 69 percent and 81.2 percent, respectively.

ABI earned P737 million, up from P715 million, on improved margins despite lower Cobra Energy Drink sales. Cobra held 45 percent of the energy drink market, while Absolute and Summit bottled water together accounted for 15 percent.

Eton’s net income fell to P483 million from P499 million due to lower leasing margins, though real estate sales rose 55 percent to P483 million. Leasing revenues accounted for 74 percent of the total, with 269,500 square meters of leasable space, including 192,000 square meters for offices.

LTG declared a special dividend of P0.30 per share in August, on top of P0.60 per share paid in March and June. 

Total dividends reached P9.74 billion, or a 33.6 percent payout. The company’s debt-to-equity ratio was 2.88:1, including PNB, and 0.09:1 excluding it, with a cash balance of P3.04 billion.