LT Group posts record ₱28.92B net income; FTC, PNB lead contributors

LT Group Inc., the holding company of Lucio Tan, reported a record-high net income increase of 14 percent to ₱28.92 billion for last year.

Fortune Tobacco Corporation (FTC) contributed ₱12.77 billion or 44 percent of total earnings, with profits growing by 12% due to higher dividends from PMFTC and increased foreign exchange gains, despite a 11% decline in cigarette volumes and rising illicit trade.

Philippine National Bank (PNB) added ₱21.18 billion or 41 percent, driven by an 11% increase in net interest income due to higher yields and loan volumes, along with a 13% growth in gross interest income.

Tanduay Distillers Inc. achieved record net income of ₱2.15 billion due to higher liquor and bioethanol volumes, as well as increased prices, maintaining a dominant market share despite nationwide declines.

Asia Brewery's net income rose by 46 percent to ₱841 million in 2024, driven by increased sales volume across its major product lines including Cobra energy drink capturing 53% of the market.

Eton Properties Philippines Inc.'s earnings dropped by 53 percent to ₱212 million due to lower leasing income and higher operating expenses, but logged P501 million in residential sales.