GT Capital Holdings, Inc. on Tuesday said its net attributable income surged by over 12 times to P2.6 billion in the second quarter from P197 million logged in the comparable period the previous year.
In a regulatory filing, the Ty family’s listed holding company reported a 197% gain in April-to-June revenues to P40.31 billion from P13.60 billion.
For the six-month period, GT Capital posted a 143% growth in net attributable income to P6.67 billion from last year’s P2.74 billion. Revenues climbed 63% to P85.66 billion from P52.62 billion.
“GT Capital delivered strong results in the first half of 2021, which are approximately 80% of 2019 pre-COVID levels,” GT Capital President Carmelo Maria Luza Bautista said in a statement.
The company also saw its core income for the first half surge by 83% to P5.8 billion from P3.2 billion on the back of the positive performance of Metropolitan Bank & Trust Co. (Metrobank) and Toyota Motor Philippines Corp. (TMP).
“Amidst challenging conditions, the group’s first half performance demonstrates our inherent capacity to bounce back from the historic low levels of the past year, and in certain sectors, even optimize competitive shares by gaining market share,” Mr. Bautista said.
Metrobank reported a 28% increase in first-half net income year on year to P11.7 billion, as profits climbed 30% to P3.9 billion in the second quarter. GT Capital said the recovery in recurring fees offset the subdued loan demand and margin pressure.
Meanwhile, TMP’s consolidated net income in the first semester surged by 235% to P3.5 billion as consolidated revenues also climbed 60% to P63.7 billion. Its vehicle sales for the period went up by 79% to reach 63,758 units, while sales in the automotive market climbed 51% to 139,949 units.
It also launched the New GR Yaris in July.
“We have significantly outpaced the growth momentum of the industry, which led us to achieve an all-time high market share of 45.6%,” GT Capital Auto Dealership Holdings Chairman Vince S. Socco said.
Wholly owned property unit Federal Land, Inc. recorded a 243% growth in net income to P587 million from P171 million in the first half, as construction activity continued and as project bookings increased.
Federal Land’s revenues amounted to P5.1 billion, up by 21% from last year’s P4.2 billion. However, sales reservations slumped by 29% to P6.5 billion from P9.1 billion, while real estate sales went up by 17% to P3.5 billion from P3 billion.
“It capitalizes on opportunities such as sustained demand in residential developments in the upscale to luxury segments and on project launches with favorable market acceptance,” GT Capital said.
Federal Land’s office spaces recorded occupancy levels “above industry level” by 3.7%.
Metro Pacific Investments Corp.’s consolidated core net income for the first semester totaled P6 billion, 13% higher than the P5.3-billion income seen in the same period last year.
“This is a substantial improvement from the 26% decline in the first quarter of 2021 and was driven largely by improved traffic on its toll roads and higher volume of electricity sold,” GT Capital said.
The company’s insurance firm, AXA Life Insurance Corp., generated P1.4 billion in the six-month period, inching down from last year’s P1.5 billion. However, its consolidated life and general insurance gross premiums were up by 33% to P22.1 billion from P16.7 billion “driven by the life segment.”
“AXA Philippines attained life insurance sales in annualized premium equivalent of P3.2 billion in the first half of 2021 from P2.4 billion in the same period last year, as single premium product sales increased significantly,” GT Capital said, adding that single premium sales grew 96% year on year.
On Tuesday, shares of GT Capital at the stock market closed unchanged at P530 each. — Keren Concepcion G. Valmonte