MANILA, Philippines — GT Capital Holdings Inc. (GT Capital) came back stronger in 2021, as it reported a 68 percent jump in its net income to P11 billion, driven largely by the banking, automotive, and real estate businesses.
“2021 was a strong bounce-back year for our group. Given the increased mobility and the gradual reopening of the Philippine economy in the fourth quarter, GT Capital delivered strong overall results in 2021 as we approach pre-COVID-19 levels,” said GT Capital president Carmelo Maria Luza Bautista.
Core net income likewise rose 48 percent to P11 billion from P7.4 billion in 2020.
GT Capital’s businesses include banking through Metropolitan Bank & Trust Company (Metrobank); automotive and automotive services through Toyota Motor Philippines Corp. (TMP), Toyota Manila Bay Corp (TMBC), Toyota Financial Services Philippines Corp. (TFSPH), Sumisho Motor Finance Corp. (Sumisho) and GT Capital Auto Dealership Holdings Inc. (GTCAD); property through Federal Land Inc. (Federal Land); insurance through Philippine AXA Life Insurance Corp. (AXA Philippines) and Metro Pacific Investments Corp. (MPIC).
Metrobank reported a 60 percent hike in income to P22.2 billion. Toyota Motor Philippines (TMP) posted a net income of P6.2 billion, up 82 percent.
“Noteworthy is Toyota Motor Philippines, which dominated the auto market for the 20th consecutive year, realizing an all-time high market share of 46.3 percent, while reaching the milestone of selling over two million vehicles in the Philippines,” Bautista said.
The automotive industry rebounded, along with the economy, said GTCAM chairman Vince Socco.
“As the Philippine economy rebounded in 2021, so did the automotive sector. TMP delivered strong results last year, significantly outpacing the growth momentum of the industry. We are very encouraged about our continuing strong market penetration despite four months of mobility restrictions in 2021 and the accompanying global supply chain disruptions. TMP’s 46.3 percent market share is the highest in the ASEAN and third highest globally. As the economy and auto market resurges, TMP remains reasonably optimistic. In fact, in March this year, TMP achieved a remarkable milestone of selling over two million units in the country since it started operations over three decades ago,”Socco said.
Stronger real estate sales from Federal Land and a higher net income contribution from associate MPIC also contributed to GT Capital’s positive performance.
Federal Land recorded a 57 percent increase in consolidated net income to P1 billion from P600 million in 2020, due to continued construction activity, increased project bookings, and stronger sales.
In January 2022, Federal Land forged a strategic partnership with Japanese real estate developer Nomura Real Estate Development Co., Ltd. (Nomura) to form Federal Land NRE Global Inc. (FNG), which will develop projects in Metro Manila, Cavite, and Cebu.
AXA Philippines’ consolidated net income, meanwhile, reached P2.3 billion for 2021, down from P2.9 billion in the previous year. Single premium sales grew by 50 percent year-on-year. AXA Philippines attained life insurance sales in annualized premium of P6.2 billion from P5.2 billion last year as single premium product sales increased substantially.