MANILA - Ayala Corp's net income grew 11 percent to P35.3 billion last year as divestment gains and the strong performance of its real estate, banking and telecoms businesses made up for the slowdown in its water and industrial units.
Ayala said the figure includes divestment gains of P23.6 billion from AC Education and AC Energy.
The conglomerate said Ayala Land’s net income grew 13 percent to P33.2 billion, BPI’s net earnings jumped 25 percent to P28.8 billion, and Globe’s net income rose 20 percent to P22.3 billion.
AC Energy, meanwhile, registered net profits of P24.6 billion in 2019, Ayala said.
Manila Water’s full-year net profits, however, dipped 16 percent because of the water supply shortage last year.
AC Industrials also posted a net loss of P2.4 billion.
Ayala chairman and CEO Jaime Augusto Zobel de Ayala said events in 2019 challenged the conglomerate's "corporate momentum over the last decade."
"However, Ayala has proven its resilience across multiple business cycles over the 186 years that we have been in operation,” he added.
Ayala president and COO Fernando Zobel de Ayala, meanwhile, said the conglomerate's performance "validates the strength of a diversified portfolio" as well as the expansion strategy they put in place a decade ago.
The Ayala group has programmed close to P275 billion in capital expenditures this year, Ayala said.