Ayala Corporation (AC) Q3 2024 earnings summary

Executive summary

• Core net income rose 19% to ₱37B for 9M24, driven by sustained growth across core business units including BPI, Ayala Land, Globe, and ACEN.

• Reported net income, including one-off items, increased 5% to ₱46.4B year-over-year.

• Strategic partnership with Mitsubishi Corp to strengthen digital and consumer ventures, notably Mynt.

• Major subsidiaries posted robust growth: BPI (+24% net income), Ayala Land (+15%), Globe (+19% core net income), and ACEN (+24%).

• Digital and fintech units outperformed, with Mynt's equity earnings up 114%.

Financial highlights

• Consolidated sales of goods and services grew 12% year-over-year to ₱232.9B, led by real estate, automotive, and logistics.

• Consolidated reported NIAT at ₱46.4B, up 5% year-over-year; core equity earnings up 19%.

• BPI NIAT up 24% on higher net interest and non-interest income; loan and deposit growth at 19% and 15%, respectively.

• AyalaLand NIAT up 15% with 35% growth in residential revenues and 8% in leasing/hospitality.

• ACEN NIAT up 24% on new RE plants; attributable RE generation output up 31%.

Outlook and guidance

• Medium-term target of ₱65B core net income by 2026 remains unchanged.

• ₱284B capex earmarked for 2024, with major allocations to Ayala Land and ACEN.

• AyalaLand targets ₱80B in launches for 2024, with strong reservation sales and continued growth in leasing and hospitality.

• ACEN expects 1.5GW of new capacity online in 2025, with 2.3GW under construction.

• AC Logistics to focus on four growth pillars and aims to triple cold storage capacity next year.