Ty family’s GT Capital Q1 profit soars 52%

MANILA  -The Ty family’s flagship conglomerate, GT Capital Holdings Inc., saw net income jump 52 percent to P6.6 billion in the first quarter of 2023 as automotive earnings doubled while Metropolitan Bank & Trust Co. delivered solid growth.

Revenues from January to March grew 26 percent to nearly P70 billion.

“Our first quarter financial results show all our operating companies sustaining the high growth momentum of the previous year,” GT Capital president Carmelo Maria Luza Bautista said in a statement on Tuesday.

“With expectations of a more stable macroeconomic environment, less value chain disruptions, and resurgent consumption, our outlook remains positive for the rest of the year,” he added.

GT Capital is the holding company of the family’s businesses such as Metrobank, Toyota Motor Philippines, Federal Land Inc. and AXA Philippines Inc.

It also owns about 15 percent stake in Manuel V. Pangilinan-led infrastructure group Metro Pacific Investments Corp., which owns Manila Electric Co., Maynilad Water Services Inc. apart from toll road, healthcare and railway assets.

Metrobank recorded a first quarter net income of P10.5 billion, up 31 percent, as net interest income jumped nearly 29 percent to P24.9 billion.

“For the rest of the year, we will continue making progress in further improving our products and services and implement strategies in line with our promise of keeping our customers in good hands,” Metrobank president Fabian S. Dee said in the statement.

Toyota Philippines’ profit during the period more than doubled to P4.5 billion while revenues climbed to P53.7 billion, up over 27 percent. Car sales also expanded by 21 percent to P45,205 units during the quarter as the company remained the dominant automotive brand in the country with a market share of 47.4 percent.

“The continuing normalization of supply chains has seen the market and Toyota sales volumes expand. The more favorable foreign exchange environment has helped relieve import cost pressures while the 2 percent annual price increase implemented by Toyota in 2022 has also contributed to restoring profitability in the current year,” said Vince Socco, chair of GT Capital Auto and Mobility Holdings.

“Demand for motor vehicles remains robust in line with the sustained high levels of economic recovery. As well, the return of consumer loan financing is further spurring vehicle purchases,” he added.

Property arm Federal Land said net income during the period slipped 8 percent to P286 million. Reservation sales, an indicator of future revenue, climbed 71 percent to P6.2 billion.

AXA Philippines’ net income jumped 66 percent to P708 million. Total life and general insurance gross premiums reached P6.3 billion during the quarter, down 23 percent as investors turned cautious over “market uncertainties”.