Ayala core earnings reached record P45B in 2024

Cezar Consing —Contributed Photo

MANILA, Philippines – Ayala Corp., the country’s oldest conglomerate, booked a 10-percent growth in its core income last year to an all-time high of P45 billion, thanks to strong performances across its businesses.

In a stock exchange filing on Friday, Ayala said its net income, which accounted for one-off costs, likewise climbed by a tenth to P42 billion.

“2024 was Ayala’s strongest year ever,” Ayala president and CEO Cezar Consing said in a statement. “We continue to be reliant on our core business units but 2025 should be an inflection point for our smaller and newer businesses.”

READ: Ayala is Philippines’ best company—TIME 2024 ranking

Broken down, Bank of the Philippine Islands saw its net income surge by 20 percent to a record P62 billion due to robust revenues and higher demand for loans.

Meanwhile, real estate giant Ayala Land Inc.’s bottom line reached P28.2 billion, up by 15 percent on growth across all its business units, especially residential, commercial and industrial lot bookings.

Power under ACEN Corp. ended the year with P9.4 billion in earnings, representing a 27-percent uptick on the back of expanded attributable renewables output.

The net income of Globe Telecom Inc., on the other hand, dipped by 1 percent to P24.3 billion on lower one-time gains from tower sales.

Excluding nonrecurring costs, Globe’s core net income expanded by 14 percent to P21.5 billion.