Ayala Corp.’s bottom line increased by a double-digit percentage last year as a result of the strong performance of its banking and property units, as well as the sale of some of its businesses.
In a disclosure to the Philippine Stock Exchange, the conglomerate reported a net income of P27.8 billion, up 62% year-on-year “primarily driven by realized income from the execution of strategic initiatives in the group, boosted by the improved performance of Ayala Land and BPI (Bank of the Philippine Islands).”
The company said it posted gains from executed transactions during the year, including the remeasurement of its stake in Manila Water following the sale of secondary shares to Trident Water, the sale of the Ayala group’s stake in GNPower Kauswagan, and the entry of a new investor in Mynt.
“We continue to see an improvement in the business environment with better mobility and ability of both enterprises and consumers to adjust to disruptions. With the recent de-escalation of quarantine measures to the lowest status, we are hopeful that 2022 will be the start of our country’s recovery,” said Ayala Corp. president and CEO Fernando Zobel de Ayala.
“The Ayala group aims to continue its investment programs and for 2022, we have allocated up to P285 billion in combined capital expenditure and investments to execute on the growth initiatives across our businesses,” he said.
The Ayala Corp. chief said the company is mindful of the impact of the Russia-Ukraine conflict on its recovery and investment programs.
“In particular, we are carefully monitoring how the surge in oil prices would affect domestic interest rates, inflation, and the global supply chain,” said Zobel de Ayala.
Across its businesses, Ayala Corp.’s property arm Ayala Land posted net income growth of 40% to P12.2 billion on the account of resilient operations, supported by relaxed quarantine restrictions in the fourth quarter of 2021.
BPI recorded a net income of P23.9 billion, up 12% year-on-year due to lower loan loss provisions and record high fee income.
According to the company, telco unit Globe saw a 27% increase in net income to P23.7 billion, owing to higher results from all data-related revenues, the gain from the deemed sale of investment in Mynt, and the impact of the CREATE law, which offset impairment costs from network-related damages caused by Typhoon Odette. — VBL, GMA News
Ayala Corp. profits soar 62% to P27.8B in 2021
Source: News Panda Philippines
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