The LT Group Inc., the holding company led by tycoon Lucio Tan, reported a 14 percent increase in attributable net income in 2024 reaching P28.92 billion, up from P25.42 billion in 2023. The performance was driven by strong contributions from its tobacco, banking, and alcohol segments.
The tobacco business, particularly Fortune Tobacco Corp., contributed P12.72 billion or 44 percent of the total net income, with Fortune Tobacco reporting a 12 percent increase in net profits to P12.77 billion. This was attributed to higher dividend and foreign exchange gains, despite a decline in cigarette production volume due to affordability issues and the rise of illicit trade.
PNB, LT Group’s banking arm, also delivered robust results, with net income growing 11 percent to P21.18 billion. This was attributed to higher interest income and improved cost management.
Tanduay Distillers Inc., another significant contributor, reported record net income of P2.15 billion, up 37 percent from prior year. Strong demand in key regions, alongside price increases and a 13 percent revenue growth to P33.85 billion, helped drive this performance. However, its national market share in distilled spirits decreased slightly due to competitive pressures and macroeconomic factors.
Asia Brewery Inc. posted a notable 46 percent increase in net income, reaching P841 million, driven by a 5 percent rise in revenue. This was fueled by robust sales across its key beverage brands, such as Cobra energy drink, which maintained its market dominance with its 53 percent market share.
On the downside, Eton Properties Philippines Inc. reported a 53 percent drop in net income, largely due to lower leasing revenue and higher operating expenses. Its residential sales helped mitigate some of the challenges, though leasing income declined as occupancy rates and rental prices softened.
Overall, LT Group’s diversified portfolio demonstrated resilience in 2024, with strong performances across several business lines, despite challenges in the tobacco and real estate sectors.
