GT Capital Holdings, Inc. (GT Capital/ GTCAP), one of Philippines leading conglomerates, reported a slightly slower performance in 2024 with consolidated net income of Php28.8 billion against Php29.3 billion in 2023.
The Ty Group’s holding company informed the Philippine Stock Exchange on March 26, 2025 that excluding non-recurring gains from lot sales and incentives under the Comprehensive Automotive Resurgence Strategy (CARS) program, GT Capital’s 2024 core net income increased by 11% from the previous year.
GT Capital performance was led by record income of its operating companies Metropolitan Bank & Trust Company (Metrobank) and Toyota Motor Philippines (TMP) at Php48.1 billion and Php15.9 billion, respectively.
GT Capital’s performance was also supported by its associate Metro Pacific Investments Corporation (Metro Pacific), which achieved a record high net income of Php28 billion in 2024.
“GT Capital’s core net income grew by 11% in 2024, building on the record levels achieved the previous year. This continuous improvement reflects the group’s strong fundamentals across diversified sectors,” said GT Capital President Carmelo Maria Luza Bautista.
“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,” Bautista said.
In 2024, GT Capital’s wholly-owned property subsidiary Federal Land, Inc. (Federal Land) continued the expansion of its products and service offerings. Federal Land’s revenues in 2024 was at Php12.0 billion, while its net income was at Php750 million.
Metro Pacific Investments Corporation (Metro Pacific) continued to break new record highs, with consolidated core net income rising 21% to Php23.6 billion in 2024 compared with Php19.5 billion in 2023. Improved financial and operating results from Metro Pacific’s holdings delivered a 16% increase in contribution from operations to a highest-ever Php28.4 billion driven mainly by strong growth in energy sales at Meralco, higher billed volumes at Maynilad Water, and increased traffic on the toll roads complemented by higher tariffs.
Among the company’s core businesses, Power contributed the largest share at 69% of Net Operating Income (NOI). In comparison, Toll Roads and Water contributed 44% of NOI. Reported net income rose faster to Php28 billion from Php20 billion, owing to additional non-recurring gains from MPIC’s real estate business and a lower interest bill.
AXA Philippines Life and General Insurance Corporation (AXA Philippines) continued to offer a comprehensive range of life, health, and general insurance products to its customers in 2024. During this period, it reported a 19% increase in gross premiums of Php30.4 billion. Its 2024 net income stood at Php2.5 billion from Php2.6 billion in the previous year.
