LT Group Inc., the diversified holding company led by Lucio Tan, reported a strong 13.2% increase in consolidated net income for 2024, primarily attributed to the robust performance of its tobacco and banking businesses.
LT Group Inc., the holding firm led by Lucio Tan , witnessed a 13.2% surge in its consolidated net income to P38.5 billion in 2024, compared to P34 billion in the previous year. This growth was primarily fueled by robust revenues generated from its tobacco and banking sectors. According to its annual report filed on Friday, LT's tobacco unit, PMFTC Inc., a subsidiary of Philip Morris International, recorded a net income of P12.8 billion last year, marking a 12.2% increase from P11.
4 billion in 2023. Its banking subsidiary, Philippine National Bank, also contributed to the positive performance with a higher net income of P11.9 billion, up from P10.7 billion in the previous year. The distilled spirits business, represented by Tanduay Distillers Inc., saw its net income rise to P2.2 billion, reflecting a 37.3% growth from P1.6 billion the year before. LT attributed this increase to higher sales volume and selling prices. The beverage segment under Asia Brewery Inc. experienced a significant surge in net income, jumping 45.5% to P841 million from P578 million. This growth was driven by a 4.8% rise in revenues to P18.2 billion. Conversely, LT's property business faced challenges. Eton Properties Philippines Inc. and PNB Holdings Corp. reported a lower income of P212 million, down from P453 million, as revenues declined, compounded by increased operating expenses. LT stated that its equity in the net earnings of subsidiary Victorias Milling Corp. increased to P492 million from P347 million in 2023. Overall consolidated revenues grew 11.9% to P129 billion from P115.3 billion in 2023. Other income also saw an increase, rising from P7 billion to P9.5 billion due to dividends received from PMFTC, higher interest income, and net foreign exchange gains. Operating expenses remained relatively stable at P39.5 billion, despite a 5% rise in selling expenses to P2.6 billion, which was offset by a decline in general and administrative expenses. LT Group shares closed 18 centavos, or 1.57%, higher at P11.62 apiece last Friday
LT Group Inc. Net Income Lucio Tan Tobacco Banking PMFTC Inc. Philippine National Bank Tanduay Distillers Inc. Asia Brewery Inc.
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