GT Capital’s consumer businesses rebound
Ty family’s GT Capital Holdings Inc. saw higher earnings in 2021 while signaling positive prospects this year with the further reopening of the economy.
The holding company, whose businesses include Toyota Motors and Metropolitan Bank & Trust Co. (Metrobank), said in a statement on Tuesday that core earnings last year had risen by 48 percent to P11 billion from the previous year. Revenues were not indicated in the statement.
GT Capital president Carmelo Maria Luza Bautista said: “2021 was a strong bounce-back year for our group. Given the increased mobility and the gradual reopening of the Philippine economy in the fourth quarter, GT Capital delivered strong overall results in 2021 as we approach pre-COVID levels.”
Most of the gains came from Metrobank, which saw interest earnings stabilize while provisions for bad loans dropped, propping up the bottom line.
Higher contribution also came from property subsidiary Federal Land Inc. and GT Capital’s stake in infrastructure giant Metro Pacific Investments Corp., while the insurance segment saw smaller profits. Toyota Motor Philippines (TMP) recorded retail sales of 129,667 units last year, up 30 percent. This was faster than the 16-percent growth in industry-wide car sales.
“TMP’s 46.3-percent market share is the highest in the Asean (Association of Southeast Asian Nations) and third highest globally. As the economy and auto market resurges, TMP remains reasonably optimistic,” said Vince Socco, chair of GT Capital Auto and Mobility Holdings Inc.
TMP’s net income hit P6.2 billion, up 82 percent, while revenues jumped by 32 percent to P131.3 billion.
“In line with Toyota Motor Corp.’s strategic global focus, we are pivoting towards new mobility initiatives and are expanding our Toyota and Lexus hybrid model lineup,” the company said.
“Given the increased spending from the upcoming national elections and the return of banks offering auto financing, we expect to reach pre-COVID sales levels by this year,” it added. Federal Land recorded a 57-percent increase in net income to P1 billion last year while revenues rose by 12 percent to P10.4 billion.