Ayala Corporation’s (Ayala) core net income, which excludes one-off items, reached a high water mark in 2023, increasing 48 percent to P41 billion. The strong performances of BPI, Ayala Land, and AC Energy anchored the Company’s results. Core net income was 32 percent higher than 2019, which was when the previous high water mark was established. Accounting for one-offs, Ayala’s net income grew 39 percent to P38.1 billion. FY23 vs FY22 Highlights
AC Energy & Infrastructure (ACEIC), the parent company of ACEN, saw its core earnings jump 71 percent to P9.5 billion from improved operating earnings from ACEN and higher contributions from GN Power Dinginin. Including one-off items, ACEIC’s net income increased 2.7x to P12.6 billion due to divestment gains in ACEN and GN Power Kauswagan in 2023 and the write-off from the divestment of SLTEC in 2022.
“We succeeded in getting aggregate core earnings to exceed the pre-pandemic high. Now we focus on getting better operating and financial results from each of our businesses, and on rationalizing the portfolio where it makes sense to do so.”, Ayala President and CEO Cezar P. Consing said.
Parent CAPEX decreased 55 percent to P13.2 billion, mainly due to Ayala’s purchase of Ayala Land shares and participation in Globe’s Stock Rights Offering, which both happened in 2022.
a. AC Health acquired a significant minority stake in St. Joseph Drug. The acquisition enables AC Health to strengthen its pharmacy footprint and reach more Filipinos throughout the country. b. AC Health entered into an agreement with the Far Eastern University-Dr. Nicanor Reyes Medical Foundation to manage the university’s 300-bed hospital in Quezon City.
a. IMI saw higher earnings from its core business as margins improved and component shortages eased. b. Previously AC Motors, ACMobility ventured into the electric vehicle space and has begun to distribute BYD and Kia electric vehicles. It is utilizing the group’s ecosystem, particularly ALI, IMI and Globe, to build out infrastructure that is supportive of an EV push. c. ACMobility’s 4-wheel business registered higher core earnings on better results from Kia, Honda, and Isuzu. Its 2-wheel business posted wider losses due to weaker demand and write-downs on aging inventory. Balance Sheet Highlights
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