GT Capital nets P14.6B
Ty family-led GT Capital Holdings Inc. grew its net profit last year by 21 percent to P14.6 billion led by higher earnings from its automotive business, coupled with gains from the sale of its power generation unit.
“The year 2016 was very busy for us. We diversified our investment portfolio, shifting from power generation to infrastructure and utilities with our strategic investment into Metro Pacific (Investments Corp.) We consolidated our life and non-life insurance businesses in order to achieve scale and synergy. We invested in the affordable housing sector, boosting our landbank with over 1,600 hectares of prime property for future development,” GT Capital president Carmelo Maria Luza Bautista said in a press statement on Monday.
GT Capital’s consolidated revenues increased by 44 percent to P202.1 billion on the back of robust auto sales from Toyota Motor Philippines Corp. (TMP) and Toyota Manila Bay Corporation (TMBC), as well as higher contributions from net income of associates, and gains from the sale of Global Business Power Corporation (Global Power).
TMP, the country’s leading automotive company, reported a 17 percent growth in consolidated net income to P11.9 billion last year. Consolidated revenues increased by 36 percent to P155.8 billion. The company sold 158,728 units last year, up by 27 percent from a year ago, attributed to strong sales from the Vios, Wigo, Hiace, Fortuner, Innova, Avanza, and Hilux models.
The automotive unit maintained its dominance in the auto industry with an overall market share of 39 percent, reinforced by greater sales volumes arising from the all-new model launches of the Fortuner and Innova in March and April, respectively.
Metropolitan Bank & Trust Co. reported a consolidated net income of P18.1 billion in 2016, down by 2.89 percent on slower-than-expected growth in interest earnings, lower profit from sale of foreclosed assets and higher loan loss provisioning. However, net income in the fourth quarter alone rose by 3 percent to P5.5 billion.
In 2016, Metrobank achieved all-time high levels in terms of resources, which peaked at P1.9 trillion, total deposits which reached P1.4 trillion and total loans which hit P1.1 trillion.
GT Capital’s property investments Federal Land Inc. and Property Company of Friends Inc. (Pro- Friends) reported a combined P17.3 billion in consolidated revenues last year. Together, the two property developers reported a net income amounting to P3 billion in 2016.
GT Capital increased its ownership of Profriends to 51 percent in June 2016, completing its range of products, from the affordable to the upper mid-end and luxury residential segments.
Insurance arm Philippine AXA Life Insurance Corp. booked total life insurance premium income of P21.6 billion in 2016. Total premium revenues, inclusive of Charter Ping An Insurance Corp. (from April 2016 onwards), grew by 10 percent to P25.2 billion last year. AXA Philippines achieved a consolidated net income of P1.1 billion for the period.
Affiliate infrastructure holding firm Metro Pacific reported a 17 percent rise in consolidated core net income to P12.1 billion last year. Core net income was lifted by robust traffic growth on each of the roads held by Metro Pacific Tollways Corp., an expanded power portfolio through increased investment in Beacon Electric Asset Holdings Inc. and Global Power alongside continuing growth in the hospital group. Earnings were also boosted by the first full-year contribution from Light Rail Manila Corp. and a profitable entry into the logistics sector.
