LT Group (LTG) Inc. ’s profit fell 3.7 percent last year to P20.25 billion from P21.02 billion in 2020.
Revenues reached P91.17 billion, down 3.45 percent from P94.43 billion in 20202.
The tobacco business which accounted for P17.43 billion or 86 percent of LTG’s total attributable income, posted profit of P17.5 billion, up 4 percent from P16.89 billion.
This is despite the 10.8 percent decline in sales of the tobacco industry to 55.4 billion from 62.1 billion in 202.
This was primarily attributed to the impact of the new coronavirus disease pandemic and the quarantine protocols on the purchasing power of consumers.
“Illicit activities have been rising, which includes smuggled and locally produced products. The government continued its efforts, with 194 enforcements in 2021, compared to 171 in 2020,” LTG said.
Tanduay Distillers Inc. added P1.24 billion to LTG’s income or 6 percent of total while Eton Properties Philippines, Inc. added P548 million or 3 percent while Asia Brewery Inc. accounted for P475 million or 2 percent.
The 30.9 percent stake in Victorias Milling Company Inc. P258 million or 1 percent of total while Philippine National Bank had a net contribution of P308 million or 2 percent of total
TDI posted profit of P1.24 billion, up 11 percent from P1.12 billion despite slightly lower liquor volume. Bioethanol sales were higher.
As of the end of 2021, TDI’s nationwide market share in distilled spirits was at 26.6 percent, compared to end-2020’s 22.5 percent.
ABI posted profit of P475 million, down 20 percent from 2020’s P591 million.
“The volume of Cobra Energy Drink was higher, but volumes of Absolute and Summit bottled water and Vitamilk soymilk were lower, as ABI’s on-the-go sales at convenience stores continue to be adversely affected by the various forms of lockdowns imposed since March 2020,” LTG said.
