Conglomerate Ayala Corp. said Monday net income grew 23 percent in the first nine months to P23.9 billion from P19.35 billion in the same period last year on higher contribution from property, telecom and banking businesses.
Ayala said in a disclosure to the stock exchange nine-month consolidated revenues expanded 18.5 percent to P216.2 billion from P182.5 billion. Core net income, which excluded one-off items, went up by 13 percent to P21.8 billion year-on-year.
Ayala said core subsidiaries registered robust growth as economic activities accelerated this year.
“Our strong market positions in four of the five largest industrial sectors in the country have allowed us to capitalize on the re-opening of the economy to grow topline and core net income. Our largest publicly-listed companies reported strong results, and the other companies in our portfolio are gaining traction and adding heft,” Ayala president and chief executive Cezar Consing said.
Ayala said net income in the third quarter decreased 15 percent year-on-year to P7.6 billion because of a net one-off gain booked in 2021 and a net one-off loss this year.
Property unit Ayala Land Inc.’s net income jumped 55 percent in the first nine months to P13.3 billion on significant uptick in commercial lot sales, progress in the construction of residential projects and recovery in commercial leasing.
Banking unit Bank of the Philippine Island’s net income also expanded 75 percent to P30.5 billion on the back of higher interest and non-interest income, lower provisions and a gain from the sale of a property.
Globe Telecom’s net income increased 48 percent to P26.5 billion on higher gross service revenues and gains from the partial sale of its data center business and tower assets.
Net income of energy unit ACEN Corp. fell 4 percent to P4.1 billion even as the strong international business growth offset the decline in Philippine earnings.
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