LT GROUP, Inc. recorded a 14% increase in its attributable net income for 2024, reaching a record-high P28.92 billion from P25.42 billion in 2023.
Consolidated revenue rose by 11.9% to P129 billion in 2024 from P115.3 billion in 2023, propelled by improved revenues across all segments, LT Group said in a regulatory filing on Monday.
The tobacco business, led by Fortune Tobacco Corp., posted a 12% increase in net income to P12.77 billion for 2024, supported by higher dividends from PMFTC, Inc. and increased foreign exchange gains.
PMFTC’s cigarette volume declined by 11% to 21.1 billion sticks in 2024 from 23.8 billion sticks in 2023 due to affordability concerns, rising illicit trade, and the growing popularity of vaping.
The banking segment, led by Philippine National Bank, recorded an 11% rise in net income to P21.18 billion for 2024 from P19.02 billion in 2023.
Gross interest income grew by 13% to P67.46 billion, driven by higher yields and volumes of loans, investments, and interbank transactions.
In the distilled spirits segment, Tanduay Distillers, Inc. posted a 37% increase in net income to P2.15 billion for 2024 from P1.57 billion in 2023.
Higher liquor and bioethanol volumes, along with increased liquor prices, lifted segment revenues by 13% to P33.85 billion in 2024.
For the beverage unit, Asia Brewery, Inc. reported a 46% growth in net income to P841 million for 2024 from P578 million in 2023.
Revenue improved by 5% to P18.21 billion, supported by higher sales volumes across major product lines.
Meanwhile, the property business, led by Eton Properties Philippines, Inc., saw a 53% decline in net income to P212 million for 2024 from P453 million in 2023.
Leasing revenue fell by 1% to P2.03 billion due to lower occupancy rates and rental prices.
The property developer recorded P501 million in residential sales last year, driven by the resumption of sales of remaining inventory in projects at 68 Roces in Quezon City and Eton City in Laguna.
Eton’s leasing portfolio comprises 288,000 square meters, with approximately 192,000 square meters allocated for office space.
On Monday, LT Group shares rose by 1.55% or 18 centavos to P11.80 apiece. — Revin Mikhael D. Ochave
