GT Capital core earnings rise in 2024

GT Capital Holdings Inc. saw core profit rise by double digits last year, but recorded a slight dip in its net income due to non-recurring gains the previous year.

- By RICHMOND MERCURIO

The listed holding company of the Ty Group reported a consolidated net income of P28.8 billion in 2024, down by 1.7 percent from P29.3 billion in the previous year.

Excluding non-recurring gains from lot sales and incentives under the Comprehensive Automotive Resurgence Strategy program, GT Capital's 2024 core income increased by 11 percent year-on-year.

Growth in its core earning was supported by the record high net income of operating companies Metropolitan Bank & Trust Co. and Toyota Motor Philippines (TMP) at P48.1 billion and P15.9 billion, respectively.

GT Capital's performance was also buoyed by its associate Metro Pacific Investments Corp. (MPIC), which achieved a record high net income of P28 billion in 2024.

"GT Capital's core net income grew by 11 percent in 2024, building on the record levels achieved the previous year. This continuous improvement reflects the group's strong fundamentals across diversified sectors," GT Capital president Carmelo Maria Luza Bautista said.