Conglomerate Ayala Corp. grew its net income by 70 percent in the first nine months to P19.4 billion on higher contributions from most of its businesses as well as gains from asset sales.
Last September, the group completed the sell-down of 45 percent of its stake in GN Power Kauswagan coal facility, generating around P3.5 billion.
AC Health’s acquisition of Qualimed Health Network likewise boosted the Ayala conglomerate’s earnings.
Stripping out the impact of the gains, Ayala’s core net income still grew 27 percent to ₱6 billion, driven by higher contributions from Ayala Land, Globe, AC Energy, AC Health, and AC Ventures.
“The improving business environment demonstrates how organizations have adapted and readjusted themselves more than a year into the pandemic. With the pace of inoculation ramping up, we look forward to a further reopening of the economy and sustaining this positive trajectory,” said Ayala president and CEO Fernando Zobel de Ayala.
Ayala ended September with total cash of ₱26.8 billion and net debt of P125 billion.
SOURCE: Bilyonaryo
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