MANILA - Ayala Corp on Friday said its net profit grew 62 percent in 2021 mainly driven by the improved performance of Ayala Land and its banking arm BPI.
Net income hit P27.8 billion for the year, the company said in a disclosure to the stock exchange.
Ayala Land's net income grew 40 percent to P12.2 billion while BPI's net income rose 12 percent to P23.9 billion during the period, the company said.
Other units Globe Telecom and AC Energy also posted growth in net income at P23.7 billion and P5.3 billion, respectively, it added.
"We continue to see an improvement in the business environment with better mobility and ability of both enterprises and consumers to adjust to disruptions," Ayala President and CEO Fernando Zobel de Ayala said.
For 2022, the company said it would spend up to P285 billon in combined capital expenditure and investments.
Zobel however, added that they remain mindful of the impact of the Russia-Ukraine crisis on recovery and investment programs.
"In particular, we are carefully monitoring how the surge in oil prices would affect domestic interest rates, inflation and the global supply chain," he said.
Russia's invasion of Ukraine caused a surge in global crude oil prices which can be felt in local pump retail prices. This could lead to higher prices for some basic goods, authorities said.