MANILA, Philippines — Ty family-led conglomerate GT Capital Holdings Inc. saw its earnings in 2023 rev up by 57 percent to P28.7 billion on the strong performance of its banking and automotive units, signaling a significant improvement from prepandemic levels as demand recovered.
In a stock exchange filing on Friday, GT Capital said its full-year earnings were already higher by 41 percent than the results for 2019.
“As disposable incomes rise, improved living standards rise in tandem with demand for goods and services,” GT Capital president Carmelo Maria Luza Bautista said in their disclosure.
The company attributed its “all-time high” performance to the 29-percent improvement in the earnings of Metropolitan Bank and Trust Co. (Metrobank) to P42.2 billion.
READ: Metrobank to pay record dividends as 2023 earnings post 29% growth
The growth of the country’s second-largest private bank was driven mainly by its asset expansion, higher margins and improving efficiency levels, among others, according to Metrobank.
TMP profit more than doubled
Total consolidated assets expanded by 9.2 percent to P3.1 trillion.
The net income of automotive unit Toyota Motor Philippines (TMP) likewise more than doubled to P13.8 billion from P5.7 billion, boosted by higher sales.
Sales in 2023 stood at 200,031 units, up by 15 percent from 174,106 units in 2022.
With the resumption of motorization, the continued under penetration of passenger cars in the country, and an improved supply situation, we are confident that Toyota will continue to lead the way,” TMP president Masando Hashimoto said.
GT Capital also owns 20 percent of Metro Pacific Investments Corp. (MPIC) following the latter’s privatization last year.
MPIC booked a 91-percent growth in earnings to a record-high of P20 billion on stronger performance from its power generation business and higher tariffs.