GT Capital Holdings, Inc.'s Reported PHP 28.8 Billion FY2023 Core Net Income, Up 82%

The core net income of GT Capital Holdings, Inc. (GT Capital/GTCAP) increased by 82% to a record-breaking P28.8 billion for the entire year 2023 from P15.9 billion the year before. Conglomerate net income rose from P18.4 billion in 2022 to P28.7 billion in 2023, a 57% increase.

Toyota Motor Philippines (TMP) realized a net income of P13.8 billion, Federal Land, Inc. (Federal Land) recorded a net income of P2.1 billion, and Metropolitan Bank & Trust Company (Metrobank) improved to P42.2 billion, contributing to the company's historic high performance. AXA Philippines declared a P2.6 billion net income, and from January to December 2023, associate Metro Pacific Investments Corporation (Metro Pacific) also played a part in GT Capital's record-breaking performance. GT Capital's core and consolidated net income for 2023 are already significantly higher than they were before COVID-19, at 83% and 41%, respectively.

The conglomerate's record level of income allowed GT Capital's Board of Directors to approve a P8.00 cash dividend per share for the entire year. The share price of the regular dividend was raised from P3.00 to P6.00. In addition, a P2.00 special cash dividend per share was announced. To stockholders on file as of March 27, 2024, a payout of P5.00 per share—P2.00 for special dividends and P3.00 for regular dividends—will be made. Following the regular meeting of the Board of Directors in August 2024, the precise date for the release of the remaining regular dividend of P3.00 per share will be announced.

"2023 was an exceptional year for the GT Capital Group of Companies. A significant level up from the previous year, our expectations were exceeded by the record-setting financial results from our core businesses; Metrobank, Toyota Motor Philippines, and Federal Land. The improving per capita GDP of the Philippines has fostered the emergence of an upper middle-class segment within its economy. As disposable incomes rise, improved living standards rise in tandem with demand for goods and services. Together with our strategic global partners, the GT Capital Group is well positioned to cater to the needs and preferences of this expanding segment. Given the outstanding growth last year, we expect a more tempered growth for 2024." GT Capital President Carmelo Maria Luza Bautista said.

Metropolitan Bank & Trust Company (Metrobank) reported record earnings of P42.2 billion, a 28.9% increase over the previous year. As a result, the return on equity (ROE) increased to 12.5% from 10.3% in 2022. Its combined assets increased by 9.2% to P3.1 trillion in 2023, making it the second-biggest private universal bank in the nation. The Common Equity Tier 1 (CET1) ratio of 17.4% exceeds the statutory minimum by a significant margin.

Consolidated revenues for Toyota Motor Philippines (TMP) increased significantly from P183.8 billion to P227.1 billion in 2023—a 24% increase. Consolidated net income for TMP increased from P5.7 billion in 2022 to P13.8 billion in 2023, a stunning 145% increase. The top automaker in the nation had a 15% increase in retail sales to 200,031 units in 2023 from 174,106 units in 2022. The notable outcomes of TMP were mostly attributed to the Vios, Hilux, Raize, Innova, Hiace, and Wigo models' robust sales.

Federal Land, Inc. (Federal Land), a wholly owned property subsidiary of GT Capital, reported total revenues of P20.8 billion in 2023, up 54% from P13.4 billion the year before. In 2023, the property company's core net income increased by 65% to P2.1 billion from P1.3 billion in the previous year. Reservation sales increased by 24% to P23.0 billion for the year from P18.5 billion in 2022. The primary drivers of this were the sales of the Grand Hyatt Residences South Tower and The Seasons Residences, a joint venture with Nomura Real Estate Development Co., Ltd. (Nomura) and Isetan Mitsukoshi Holdings Ltd. The two developments mentioned above are situated in Taguig's Bonifacio Global City (BGC). In 2023, real estate sales reached P17.6 billion, up from P10.9 billion the year before, a 61% increase.
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Riverpark, a master-planned mixed-use community in General Trias, Cavite, was unveiled by Federal Land in January of this year. It combines urban sophistication with a dedication to harmonious living, with nature at its center.
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In comparison to P10.5 billion the previous year, Metro Pacific Investments Corporation's (Metro Pacific) consolidated reported net income attributable to the company increased 91% to a record-breaking P20.0 billion in 2023. The power generation business's robust performance and the water concession's higher prices and billed volume drove a 29% increase in the contribution from operations to a record high of P24.5 billion, which was made possible by improved financial and operating results from MPIC's assets.

Consolidated life and general insurance gross premiums for AXA Philippines increased to P25.6 billion for the entire year 2023 from P28.2 billion for the same time the previous year. Consolidated net income for the insurance company climbed to P2.6 billion in 2023 from P2.5 billion in 2022, a 4% rise. In terms of annualized premium equivalent, AXA Philippines' life insurance sales increased from P3.8 billion in 2022 to P3.5 billion in 2023.