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Ayala Corporation reported that its core net income, which excludes one-off items, improved 10 percent to another all-time high of ₱45.0 billion last year from the ₱41.0 billion earned in 2023 on the strength of its core businesses.
In a disclosure to the Philippine Stock Exchange, the firm said that, accounting for one-offs, its net income rose 10 percent to ₱42.0 billion in 2024 from ₱38.1 billion in the previous year.
Ayala President and CEO Cezar P. ConsingAyala President and CEO Cezar P. Consing said “2024 was Ayala’s strongest year ever. We continue to be reliant on our core business units but 2025 should be an inflection point for our smaller and newer businesses.”
“We will continue to build a more concentrated, collaborative and connected Ayala and grow businesses that deliver long-term shareholder value,” he added.
Bank of the Philippine Islands, Ayala Land Inc., Globe Telecom, and AC Energy & Infrastructure (ACEIC) delivered strong performances, underpinning the company’s results.
BPI achieved a record net income of ₱62.0 billion, up 20 percent, driven by record revenues despite higher operating expenses and provisions. Full-year return on equity was 15.1 percent.
Ayala Land’s net income grew 15 percent to ₱28.2 billion on the back of solid growth across its business units.
Globe’s core net income, which excludes non-recurring charges, foreign exchange and mark-to-market charges, improved 14 percent to ₱21.5 billion in 2024 with EBITDA reaching an all-time high on the back of improved topline growth and lower spending.
The lift in Globe’s core earnings was further supported by Mynt, the operator of GCash, as it sustained its growth momentum. However, net income was down one percent to ₱24.3 billion due to lower one-time gains from tower sales.
ACEN's reported net income accelerated 27 percent to ₱9.4 billion, driven by higher attributable renewables output, and supported by ₱2.8 billion in value realization gains.
ACEIC, the parent company of ACEN, registered a core net income of ₱10.7 billion, up 13 percent driven by increased contributions from ACEN’s new capacity and higher financing income which offset lower earnings from its thermal assets.
AC Health’s revenues grew 10 percent to ₱9.4 billion. The provider group, consisting of clinics and hospitals, saw revenue growth of 22 percent, well above industry growth of 8 percent.
FEU-NRMF turned EBITDA positive with revenues rising 19 percent to ₱957 million. Revenue from the pharma group remained flat but still outperformed the industry’s five percent decline.
Meanwhile, net loss widened to ₱610 million mainly due to a one-time impairment in Konsulta MD and ramp-up costs of the cancer hospital.
AC Logistics’ reported net loss widened to ₱2.2 billion from ₱1.8 billion due to one-time clean- up expenses for Air21 Holdings, Inc.
Meanwhile, attributable EBITDA losses improved 34 percent to ₱633 million from ₱995 million as streamlining initiatives enhanced operational efficiency.
AC Industrials narrowed its net loss to ₱2.4 billion from ₱7.3 billion due to lower impairments. Core net loss widened to ₱1.6 billion from ₱1.2 billion because of softer demand and restructuring costs in Integrated Micro-electronics Inc. (IMI), start-up expenses and one-off costs in ACMobility as well as closure costs in the 2-wheel segment.
IMI’s revenues declined to $1.1 billion in 2024 from $1.3 billion while core businesses’ net loss amounted to $24.6 million due to continued rationalization efforts.
ACMobility’s net loss amounted to ₱465 million from ₱119 million. However, unit sales grew 46 percent to 23,483 from 16,111 driven by 8 successful model launches across BYD and Kia while total market share improved by 120 basis points to 4.9 percent.
AC Mobility continues to hold the largest market share in New Electric Vehicles at 85 percent. On the charging infrastructure side, AC Mobility ended 2024 with 215 charging points in 86 locations nationwide.
