Ayala Corp., the diversified conglomerate of the Ayala Group, reported Friday a first half net income of P18.41 billion, a 13 percent year-on-year gain anchored by solid contributions from banking, real estate and energy businesses.
It said core earnings, which excludes one-off items during the first half, was 55 percent higher at P20.5 billion, a level that is 38 percent ahead of pre-COVID levels. ▪
Total revenue in the first six months increased 19 percent to P164.24, with P90 billion and P48.4 billion accounted for by rendering of service and sale of goods, up 17 percent and 20 percent, respectively. Its share in the net profits of affiliates and joint ventures also increased by 34 percent to P23.53 billion.
Ayala’s lending arm Bank of the Philippine Islands increased net income by 23 percent to P25.1 billion on account of average asset base expansion, margin growth, and reduced provisions.
Ayala Land Inc. posted a 41 percent surge in first half net income to P11.4 billion as its property development and commercial leasing businesses registered higher revenue, while energy arm ACEN Corp. saw net income soar 94 percent to P4.2 billion due to higher net generation from a stronger wind regime and increased operating capacity that enabled a shift to a net selling merchant position.
AC Energy & Infrastructure, a unit of Ayala and the parent company of ACEN, grew its profit 2.5 times to P6.9 billion due to improved contributions from ACEN and GN Power Dinginin and a gain from the full divestment of GN Power Kauswagan.
Globe Telecom saw first half net income fall 27 percent to P14.4 billion mainly due to a one-time gain from the partial sale of its data center business being registered last year and higher operating expense, offsetting a 2 percent growth in gross service revenues.
“Strong results from BPI, Ayala Land, and ACEN compensated for the one-off provisions booked by AC Industrials. For the balance of the year, we will build on our solid first half results and continue to recycle capital wherever it makes sense to do so,” said Ayala president and chief executive officer Cezar Consing in a statement.
