Ayala income expands in Q1

MANILA, Philippines — Ayala Corp. capped off the first quarter on a high note on the back of continued strong performances of its businesses.

The core earnings of the country’s oldest conglomerate, excluding one-off items, increased by 26 percent to P11.8 billion from January to March.

Including one-off items, Ayala’s net income grew 28 percent year-on-year to P13 billion during the quarter.

“We are seeing growth momentum across most of our businesses. This speaks to the resilience of the economy and our ability to provide products and services that are valued by customers,” Ayala president and CEO Cezar Consing said.

Its banking arm, Bank of the Philippine Islands posted a record-high quarter net income of P15.3 billion, up 26 percent year-on-year, as a result of robust revenue growth that more than offset higher operating expenses and provisions.

The bank saw a 25 percent jump in revenues to P39.5 billion due to higher interest and non-interest income.

Ayala Land Inc.’s net income also finished the quarter strong, posting a 39 percent increase to P6.3 billion on the back of strong property development revenues, contributions from additional external construction projects and stable leasing operations.

For its power business, ACEN Corp. reported a net income of P2.7 billion, up by 34 percent year-on-year, mainly from the ramp up of new operating capacity and its strengthened net seller position in the spot market.

Globe’s core net income, which excludes non-recurring charges, foreign exchange and mark-to-market charges, grew by 13 percent to P5.8 billion in the first quarter.

Net income, however, slipped by seven percent to P6.8 billion due to higher depreciation expenses and other non-operating charges.

Ayala said AC Health continued to gain traction across all its pillars, with revenues rising 14 percent to P2.2 billion during the quarter.

For AC Industrials, losses were trimmed to P931 million from P980 million in 2023.

As of end March, Ayala said it continues to maintain a strong balance sheet with sufficient liquidity and low cost of debt.