GT Capital Holdings, Inc. saw its consolidated net income slightly dip by almost 2 percent to P28.8 billion in 2024 from P29.3 billion in the previous year.
In a regulatory filing on Wednesday, the company said excluding non-recurring gains from lot sales and incentives under the Comprehensive Automotive Resurgence Strategy (CARS) program, core net income grew by 11 percent.
GT Capital’s performance was driven by Metropolitan Bank & Trust Company (Metrobank) and Toyota Motor Philippines (TMP), which posted record net incomes of P48.1 billion and P15.9 billion, respectively. Its associate, Metro Pacific Investments Corp. (MPIC), also delivered a record P28 billion profit.
“GT Capital’s core net income grew by 11 percent in 2024, building on the record levels achieved the previous year,” said GT Capital President Carmelo Maria Luza Bautista.
“We remain optimistic that our core businesses will sustain this growth momentum moving forward.”
Metrobank’s net income rose 14 percent year-on-year to P48.1 billion, supported by strong asset expansion and improving asset quality. The bank’s return on equity increased to 13 percent from 12.5 percent in 2023.
TMP reported a 15.3 percent increase in net income to P15.9 billion, driven by a 9 percent rise in retail sales to 218,019 units, representing 46 percent of the auto industry’s total sales in 2024.
Strong commercial vehicle sales, led by the Hilux, Raize, Innova, Avanza, and Hiace models, boosted the company’s market share. Lexus remained the leader in the luxury segment with a 53.5 percent market share.
TMP also recorded a 95 percent year-on-year growth in electrified vehicle sales, with 14,057 units sold, accounting for 58 percent of the industry’s total. In December, the company launched the Next-Generation Tamaraw, a Filipino-assembled light commercial vehicle designed for small businesses and local government units.
GT Capital’s property subsidiary, Federal Land, Inc., reported P12.0 billion in revenues and a net income of P750 million for 2024. The company launched several projects, including Meadowcrest in Laguna and Grand Hyatt Manila Residences South Tower in Bonifacio Global City.
MPIC posted a 21 percent increase in consolidated core net income, reaching P23.6 billion in 2024 from P19.5 billion in 2023.
Stronger performances from its key businesses drove a 16 percent rise in contribution from operations to a record P28.4 billion. Growth was fueled by higher energy sales at Meralco, increased billed volumes at Maynilad Water, and more traffic on toll roads, complemented by higher tariffs.
Another affiliate, AXA Philippines Life and General Insurance Corp., also recorded a 19 percent rise in gross premiums to P30.4 billion in 2024.
Net income stood at P2.5 billion, slightly lower than P2.6 billion in 2023.