Ayala Corp. core net income at P24.3B in H1, up 18%

Philippines oldest conglomerate Ayala Corp. saw a double-digit growth in its bottom line in the first semester of 2024, backed by strong contributions across its banking, property, telecommunications, and energy businesses.

In a disclosure to the Philippine Stock Exchange on Wednesday, Ayala Corp. reported a core net income of P24.3 billion, up 18% year-on-year.

The conglomerate said its first half financial performance was due to strong contributions from Bank of the Philippine Islands, Ayala Land, Globe, and ACEN.

The company added that improved earnings from AC Energy & Infrastructure (ACEIC) also supported the company’s earnings performance.

In particular, Ayala Corp. said BPI set a record first half net income of P30.6 billion, up 22% due to sustained growth in loans, net interest margins, and fee income.

Ayala Land’s net income also grew by 15% to P13.1 billion as resilient demand and healthy consumer activity fueled revenues in key businesses.

Globe's telco core net income rose 18% to P11.7 billion as steady growth in data revenues and higher equity earnings from Mynt outpaced operating expenses.

ACEN, meanwhile, saw its net income jump by 21% to P4.9 billion due to higher attributable renewable energy generation and an improved net selling merchant position in the Philippine Wholesale Electricity Spot Market.

ACEIC posted net income of P6.7 billion, up 25% amid higher contributions from ACEN, growth in net financing income, and forex gains supported lower contributions from its thermal assets.

“We are pleased with the sustained growth trajectory of our core earnings. We will continue to grow our quality businesses and explore initiatives to improve shareholder value,” said Ayala president and CEO Cezar Consing. — Ted Cordero/RSJ, GMA Integrated News