GT Capital Holdings Inc. said its core income rose 82 percent last year to a record P28.8 billion from P15.9 billion in the previous year, mainly on the good performance of its banking, automotive and property development.
Net income surged by 57 percent to P28.7 billion in 2023 from P18.36 billion in 2022.
“The improving per capita GDP of the Philippines has fostered the emergence of an upper middle-class segment within its economy. As disposable incomes rise, improved living standards rise in tandem with demand for goods and services. Given the outstanding growth last year, we expect a more tempered growth for 2024,” GT Capital President Carmelo Maria Luza Bautista said.
Metropolitan Bank and Trust Co. posted record earnings of P42.2 billion, 29 percent higher year-on-year.
Toyota Motor Philippines Inc. consolidated net income more than doubled to P13.8 billion from P5.7 billion in 2022.
Revenues rose 24 percent to P227.1 billion in 2023 from P183.8 billion in the previous year.
The country’s leading automotive company registered retail sales of 200,031 units in 2023, a 15-percent improvement from 174,106 units in 2022. Strong sales from the Vios, Hilux, Raize, Innova, Hiace and Wigo models contributed to Toyota’s results, the company said.
It maintains its dominance in the auto industry with an overall market share of 46.2 percent, reinforced by greater sales volumes arising from 5 model launches in 2023.
“We achieved a record high performance and made 2023 one of our most historic years ever. With the resumption of motorization, the continued under penetration of passenger cars in the country, and an improved supply situation, we are confident that Toyota will continue to lead the way this year. I believe we are in an ideal position to help outline and form the future of mobility in the Philippines,” Toyota Philippines President Masando Hashimoto said.
Federal Land Inc., meanwhile, said it core net income grew 65 percent to P2.1 billion from the previous P1.3 billion.
Reservation sales for the year reached P23 billion, compared to P18.5 billion in 2022, a 24-percent increase.
The company booked total revenues of P20.8 billion in 2023, higher by 54 percent than the P13.4 billion posted in the previous year.