Conglomerate Ayala Corp. on Wednesday reported net income growing 39 percent in 2023 to P38.07 billion from P27.39 billion in 2022 on the back of strong contributions from its banking, property development and energy businesses. Revenue grew 11 percent to P341.89 billion from P306.64 billion.
“We succeeded in getting aggregate core earnings to exceed the pre-pandemic high. Now we focus on getting better operating and financial results from each of our businesses, and on rationalizing the portfolio where it makes sense to do so,” Ayala president and CEO Cezar P. Consing said.
Bank of the Philippine Islands income increased 44 percent to P51.7 billion due to strong loan growth, higher margins and lower provisions. Including a gain from an asset sale in 2022.
Ayala Land Inc. net income grew 32 percent to P24.5 billion as its property development and commercial leasing businesses continued to deliver strong results.
Power firm ACEN Corp. income from operating units, which excludes cash value realization gains and other one-time, non-cash adjustments, was up nearly three times to P4.9 billion on the back of new operating capacity and a strengthened net seller position.
Inclusive of one-offs, ACEN net income decreased to P7.4 billion from P13.1 billion due to the re-measurement gain from the acquisition of the Australia platform in 2022.
This was partly offset by the value realization and re-measurement gains from the sale of a small stake in the Salak and Darajat plant in Indonesia in 2023, the company said.
AC Energy and Infrastructure, the parent company of ACEN, saw its core earnings jump 71 percent to P9.5 billion from improved operating earnings from ACEN and higher contributions from GN Power Dinginin.
Including one-off items, ACEIC’s net income increased almost three times to P12.6 billion due to divestment gains in ACEN and GN Power Kauswagan in 2023 and the write-off from the divestment of SLTEC in 2022.
Globe Telecom Inc. net income dropped 29 percent to P24.6 billion from the previous year’s P34.56 billion due to a one-time gain from the partial sale of its data center business in 2022. Its gross service revenue grew a mere 3 percent to P162.3 billion, driven by sustained growth in mobile data, corporate data and non-telco services. Equity earnings from Mynt nearly tripled to P2.4 billion, driven by GCash’s sustained growth momentum.
Ayala said the group’s capital expenditure for the year fell 12 percent to P247.7 billion as Globe’s capex tapers.
Parent capex also fell 55 percent to P13.2 billion due to Ayala’s purchase of Ayala Land shares and participation in Globe’s stock rights offering in 2022.
