Ayala Corp. posts nearly P24B in 9-month net profit

The Zobel family conglomerate Ayala Corp. posted a net income of P23.9 billion in the first nine months of the year as continued efforts to reopen the economy fueled the growth of its core business units.

The country’s oldest business group said profits grew 23 percent over the same period in 2021 on higher contributions from Ayala Land Inc., Bank of the Philippine Islands and Globe Telecom.

Ayala noted that core earnings, which removes the impact of one-off items, grew 13 percent to P21.8 billion during the period.

“Our strong market positions in four of the five largest industrial sectors in the country have allowed us to capitalize on the reopening of the economy to grow topline and core net income,” Ayala president and CEO Cezar P. Consing said in a statement on Monday.

“Our largest publicly listed companies reported strong results, and the other companies in our portfolio are gaining traction and adding heft,” he added.

Property giant Ayala Land Inc. booked a profit of P13.3 billion during the first three quarters, which was an increase of 55 percent.

Total revenues also rose 19 percent to P86.3 billion, partly driven by the resurgence of the shopping mall business.

BPI’s profits jumped 75 percent to P30.5 billion on the back of strong lending and the sale of a property asset.

The lender’s total revenues also expanded by 22 percent to P87.5 billion during the nine-month period while credit expenses fell 27 percent.

BPI’s total assets grew 12 percent to P2.5 trillion while equity grew 7 percent to P313.4 billion.

Globe’s net income jumped 48 percent to P26.5 billion from January to September on higher data revenues and the partial sale of cell towers and its data centres.

Gross service revenues rose 3 percent to P118 billion, it added.

Renewable power arm ACEN Corp. saw profits drop 4 percent to P4.1 billion during the nine-month period on lower domestic earnings.

Total revenues during the period climbed 34 percent to P25.2 billion driven by new operating Philippine merchant plants, offsetting the impact of “thermal outages and the power curtailment in the Visayas earlier this year.”

ACEN’s attributable output increased 11 percent to 3,740 gigawatt-hours due to the full nine-month contributions of new windfarms in Vietnam and solar plants in India.