LT Group, Inc. Reported a PHP 25.42 Billion Attributable Net Income in 2023, Up 1%

LT Group, Inc. (LTG) reported an attributable net income of P25.42 billion in 2023, a 1% increase over P25.14 billion in 2022.

PNB made up 42% of the contribution, and the tobacco industry contributed 45%. Tanduay contributed 6%, and Asia Brewery and Eton contributed 2% each. 1% of the total was invested in Victoria Milling Company, while 2% went toward other income.

A special cash dividend of P0.30 per share, totaling P3.25 billion, was declared in November and paid on December 15. In 2023, dividends totaled P12.99 billion, or P1.20 per share, when combined with the dividends announced in March, May, and August. This represents a 51.7% payout rate.
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LTG's debt-to-equity ratio stood at 3.42:1 with the bank and 0.12:1 without it as of the end of 2023. The parent business had P1.84 billion in cash on hand.

The tobacco industry's net income for 2023 was P11.38 billion, which was 26% less than its 2022 net income of P15.34 billion. The industry's volume (apart from illicit trade) decreased by 20% year over year in 1Q23, mostly as a result of rising prices across the board, an increase in the prevalence of unlawful activity, and changes in trade inventories.

By using the pooling approach, the net profit of Philippine National Bank (PNB) in 2023 was P19.02 billion, which was 62% more than the P11.77 billion in 2022. In contrast to P7.78 billion in 2022, the 2023 result included a P4.54 billion gain on the sale of repossessed assets. 
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The net income of Tanduay Distillers, Inc. (TDI) for 2023 was P1.57 billion, which was 7% higher than P1.47 billion in 2022. The volume of bioethanol and alcohol decreased by 30% and 15%, respectively, year over year. The decline in volume resulted in sales of P29.95 billion in 2023, which was 5% less than P31.62 billion in 2022.

The net income of Asia Brewery, Inc. (ABI) for 2023 was P578 million, which was 1% less than the P583 million earned in 2022.

Due to greater sales of bottled water and price increases in the first quarter of 2023, revenues increased by 1% to P17.38 billion from P17.23 billion. By raising prices, the company was able to pass on increased production and energy expenses while also marginally improving GPM to 23% from 22%.
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The net profit of Eton Properties Philippines, Inc. (Eton) in 2023 was P453 million, which was 21% more than P373 million in 2022. Revenue from leasing rose 17% year over year. Due to increased hotel revenue as well as common area maintenance fees and levies, net other income increased by 6% to P434 million from P410 million. Approximately 192 thousand square meters of Eton's 289 thousand square meter leasing portfolio are now occupied by offices. Eton started selling the remaining stock of previously completed properties in 3Q23 at Eton City, Laguna, and 68 Roces in Quezon City.