GT Capital nets P12.1B
TY-family led GT Capital Holdings Inc. grew its net profit last year by 32 percent to P12.1 billion on higher earnings contributed by its power, automotive and insurance businesses.
“GT Capital’s full-year 2015 financial results are in line with expectations due to the strong contributions from most of our core businesses. The continued resilience of the domestic economy, coupled with still increasing opportunities in our key sectors underpinned our exceptional performance. We look forward to 2016 with optimism as we pursue our strategy of value creation through synergy, organic growth, and portfolio expansion,” GT Capital chair Francisco Sebastian said in a press statement on Wednesday.
Consolidated revenues for the full year expanded by 13 percent to P159.2 billion led by Global Business Power Corp. (GBPC), Toyota Motor Philippines Corp. (TMP), and Philippine AXA Life Insurance Corp. (AXA Philippines), among others.
Banking arm Metropolitan Bank & Trust Co. (Metrobank) reported a 20 percent increase in its core earnings, ending 2015 with a consolidated net income of P18.6 billion. Total resources reached a new high of P1.8 trillion.
During the year, the bank grew its low-cost deposit base by 18 percent, more than double the system deposit growth, providing the bank with stable low-cost funding to fuel its sustained loan expansion. The bank ended the year with total deposits of P1.3 trillion.
On the back of strong demand for the commercial and consumer space, Metrobank grew its loans and receivables by 17 percent for a total loan portfolio of P887.2 billion. Full-year net interest income stood at P49.0 billion, which now comprises over 70 percent of total operating income.
Automotive arm TMP – the leading car company in the country – posted a 41 percent growth in net profit last year to P10.2 billion. Consolidated revenues increased by 9 percent to P114.3 billion as the company sold 125,027 vehicles in 2015, up by 18 percent for the year. TMP sustained its leading market share of 39 percent.
Power unit GBPC boosted its net profit last year by 30 percent to P2.9 billion. Net fees generated from its current total capacity of 704 megawatts reached P18.4 billion during the period.
Property arm Federal Land reported a net income of P1.6 billion for 2015, up by 5 percent year-on-year. Revenues grew by 10 percent to P10.3 billion. As indicator of future revenue growth, real estate sales during the period rose by 8 percent to P7.5 billion.
In August 2015, GT Capital acquired an initial 22.68 percent ownership in Property Company of Friends Inc. (PCFI), with an option to increase its direct shareholding to 51 percent. PCFI – which focuses on the low cost, economic, retail, and business process outsourcing (BPO) segments – chlked up a net profit of P2.1 billion last year on the back of P7 billion in revenues. GT Capital started consolidating PCFI in September 2015.
“Federal Land ended 2015 with increased sales from ongoing residential projects in key strategic locations in Metro Manila. In addition, the company continues to develop master- planned communities that offer retail, commercial, and business process outsourcing (BPO) space. GT Capital’s recent acquisition of PCFI further expands the group’s range of products and market presence in the property development sector,” Federal Land chair Alfred Ty explained.
Insurance arm AXA Philippines grew net profit last year by 13 percent to P1.4 billion. Total sales in annualized premium last year reached P4.8 billion, up by 21 percent as the insurance company boosted total sales force by 26 percent. Gross premiums amounted to P22.9 billion, marking a 25 increase. The company’s market share was estimated at 12.1 percent from 11.6 of the life insurance industry’s total premiums in the previous year.
