LT Group Inc. reported a profit of P28.91 billion in 2024, higher by 13.73 percent from the P25.42 billion in 2023.
Revenues grew by 11.86 percent to P128.97 billion from P115.3 billion.
LT Group in its regulatory filing on Monday said the growth was driven by improved performance across most business segments, except for property development.
In a separate statement on Monday, the LT Group said its tobacco business under Fortune Tobacco Corp. (FTC) contributed P12.72 billion to the total bottom line, Philippine National Bank (PNB) added P11.89 billion, Tanduay Distillers Inc. (TDI) contributed P2.14 billion, Asia Brewery Inc. (ABI) accounted for P836 million, Eton Properties Corp. added P211 million and Victorias Milling Company contributed P492 million.
The Lucio Tan-controlled group also said it recognized P638 million other income without elaborating.
LT Group said the tobacco business, in which FTC has a joint venture with Philip Morris, sold 21.1 billion sticks last year, down by 11 percent from 23.8 billion sticks in 2023.
“The decrease was attributable to affordability issues, rising illicit trade and the growing popularity of vaping,” it said.
LT Group also noted that industry volume declined by 4.42 percent to 41 billion sticks from 42.9 billion sticks.
“Illicit cigarette seizures increased significantly in 2024, reaching a record 1.2 billion sticks, double the 0.6 billion sticks seized in 2023. This reflected a shift from reactive to coordinated, multi-agency enforcement efforts,” the group said.
The lending business under PNB posted a net interest income of P49.34 billion, up by 11 percent from P44.45 billion. Net interest margin increased to 4.5 percent from 4.2 percent.
Net service fees and commission income grew by 4 percent to P5.52 billion from P5.32 billion, attributed to the increase in credit card and deposit-related fees.
Other income dropped by 45.42 percent to P3.10 billion compared to P5.68 billion previously, primarily due to lower gains on sale of real and other properties acquired. NPL cover was at 86.9 percent, up from 90.8 percent in end-2023.
TDI, on the other hand, posted revenues of P33.85 billion, up by 13 percent from P29.96 billion, against the backdrop of higher volume of liquor and bioethanol which grew by 2 percent and 1 percent, respectively, and higher liquor prices.
The LT Group said TDI remained strong in the Visayas and Mindanao regions where it holds a dominant share of 70.9 percent and 80.8 percent, respectively.
“TDI’s nationwide market share for distilled spirits, however, slightly declined to 32.2 percent in 2024, compared to 32.9 percent in 2023, due to competitive pressures and impact on consumer purchasing power of inflation and weather disturbances during the year,” it also said.
The beverage business under ABI posted revenues of P18.21 billion, up by 5 percent from P17.38 billion, on higher volume sales across major product lines.
“Cobra energy drink maintained its market leadership with a 53 percent share in 2024, while Absolute and Summit bottled water brands held on their combined 17 percent market share, making them the third largest local water brand,” LT Group said.
The real estate business under Eton posted leasing revenues of P2.03 billion, down by 1 percent, attributed to the decline in occupancy rates and rental prices.
Residential sales amounted to P501 million, driven by the resumption of sales of the remaining inventory in projects at 68 Roces in Quezon City and Eton City, Laguna.
Meanwhile, the LT Group declared a special cash dividend of P0.35 per share, totaling P3.79 billion, in November which was paid on December 9.
Including prior dividend declarations, the year-to-date dividend payout reached P1.25 per share, or P13.53 billion in total, representing a 53.2 percent payout rate.
As of end-December 2024, LT Group had a debt-to-equity ratio of 3.16:1 with the bank and 0.10:1 without the bank. The parent company’s cash balance stood at P2.17 billion.
