GT Capital Holdings Inc. closed 2024 with a profit of P28.8 billion, down 1.7 percent from the prior year’s P29.3 billion, while revenues grew 8.06 percent to P282.63 billion from P261.54 billion in 2023.
“The decline was principally due to the 60 percent decline in real estate sales and interest income on real estate sales as 2023 included the recognition of significant lot sales by the parent company and Federal Land,” the company said in its financial statement.
Still, the company, in a statement, said it considers 2024 to have shown growth that was “sustained through the record attributable net income of GT Capital’s operating companies Metropolitan Bank & Trust Company (Metrobank) and Toyota Motor Philippines (TMP) at P48.1 billion and P15.9 billion, respectively.”
GT Capital said its performance was also supported by its associate Metro Pacific Investments Corp. (MPIC), which achieved a record high net income of P28 billion in 2024.
“We remain optimistic that our core businesses will sustain this growth momentum moving forward. This year, GT Capital is committed to pushing boundaries further and reaching new milestones,” said Carmelo Maria Luza Bautista, GT Capital president.
Metrobank’s attributable profit was 14 percent higher than the P42.2 billion posted in 2023, supported by robust asset expansion and improving asset quality.
“This translated to a 13.0 percent return on equity, higher than the 12.5 percent recorded in the same period last year,” GT Capital said.
Metrobank’s net interest income grew 8.7 percent to P114.1 billion on the back of a 17 percent expansion in gross loans.
Its non-performing loans (NPL) ratio further eased to 1.43 percent from 1.69 percent in 2023. NPL cover was at 163.5 percent.
TMP grew its profit by 15.3 percent from P13.79 billion, primarily driven by a 9 percent increase in retail sales volume, at a record level of 218,019 units sold.
That is equivalent to a 46 percent share of the auto industry’s 473,842 total sales as of end-2024.
“TMP’s market share was strengthened by strong commercial vehicle sales led by the Hilux, Raize, Innova, Avanza, and Hiace models. Lexus, meanwhile, continued to dominate the luxury segment with a market share of 53.5 percent for full-year 2024,” GT Capital said.
GT Capital’s real estate arm Federal Land Inc. continued the expansion of its products and service offerings, launching the 48-hectare Meadowcrest last year in Biñan, Laguna.
