GT Capital posts record high core earnings in 2023

GT Capital Holdings Inc., the listed conglomerate of the Ty Group finished 2023 with all-time high core earnings, buoyed by record-setting financial results from core businesses.

- RICHMOND MERCURIO

GT Capital reported an 82-percent surge in its core net income to P28.8 billion in 2023 from P15.9 billion in 2022.

Consolidated net income, meanwhile, grew by 57 percent to P28.7 billion in 2023 from the previous year's P18.4 billion.

Compared to 2019 or pre-COVID-19 level, GT Capital's core and consolidated net income for 2023 are higher by 83 percent and 41 percent, respectively.

GT Capital president Carmelo Maria Luza Bautista said 2023 was an exceptional year for the group.

"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," he said.

Bautista said an improving per capita GDP of the country has fostered the emergence of an upper middle-class segment within the economy.