Ayala Corp. reported a 6 percent decline in core net income for the first nine months of the year, as softer earnings in its traditional property and banking businesses were tempered by steady telecommunications profits, stronger energy contributions, and rapid revenue growth across its emerging healthcare and electric vehicle ventures.
In a disclosure on Thursday, the conglomerate said core net income—which excludes one-off items to reflect recurring business performance—fell to P34.5 billion for the period ending September. Attributable net income dropped 21 percent to P36.27 billion from P46.26 billion a year earlier, a comparison affected by a high base from a one-off remeasurement gain on AM 50 Ventures Inc. booked the previous year. Despite the lower bottom line, consolidated revenues rose 5 percent to P288.78 billion from P274.7 billion.
The results highlight the corporate significance of Ayala’s multi-year effort to rebalance its portfolio beyond its legacy pillars. Steady earnings from Globe Telecom Inc. and higher profit contributions from AC Energy and Infrastructure Corp. helped insulate the group from cyclical headwinds in property development and banking, demonstrating the value of a more diversified earnings base.
“Our results reflect the benefits of strengthening and rebalancing the portfolio over the past several years. Improving contributions from our growth platforms, narrowing losses from emerging businesses, and disciplined capital allocation are helping build a more resilient earnings base,” Ayala Corp. President and CEO Cezar P. Consing said.
That strategic shift was most visible in the momentum of Ayala’s newer consumer-facing businesses, which delivered strong top-line expansion and operational scale during the nine-month period.
AC Health sustained its growth trajectory, with revenues climbing 29 percent to P11.8 billion and its core net loss narrowing to P54 million from P75 million a year ago. Its healthcare provider group, covering hospitals and clinics, saw revenues jump 35 percent on higher patient volume, increased average spending, expanded corporate accounts, and new contributions from Healthway Cebu Velez General Hospital. Meanwhile, its pharmaceutical unit posted an 18 percent revenue increase, driven by a 23 percent surge at Generika from store expansion, government contracts, and new product sales, alongside an 8 percent rebound in distribution.
In the automotive sector, ACMobility cemented its position as the country’s third-largest automotive player, lifting its overall market share by 3.4 percentage points to 12 percent. Total unit sales rose 30 percent to 41,166 vehicles from 31,669, propelled by a 90 percent surge in BYD sales. The unit maintained its dominance in the new electric vehicle segment with a 55.8 percent market share, supported by an expanding infrastructure footprint of 652 charging points across 258 locations. However, ACMobility’s core net loss—excluding dividends from its stake in Honda Cars Philippines Inc.—widened to P287 million from P117 million, as weaker Kia and Isuzu sales and higher inventory costs from a softer peso offset profits from its BYD business.
