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Friday, March 29, 2024

GT Capital Holdings announces P26.9-b capex this year to support expansion plan

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Conglomerate GT Capital Holdings Inc. of the Ty family earmarked P26.9 billion in capital expenditures for 2023 to support the expansion of its banking, real estate and automotive businesses.

GT Capital said in a regulatory filing that at the parent level, it allotted P13.6 billion in capex mainly for investments and acquisitions.

It budgeted between P3 billion and P5 billion for information technology investment of banking unit Metropolitan Bank & Trust Co.

It also plans to spend P4.4 billion to fund the investment, land banking and leasing projects of property arm Federal Land Inc.

The conglomerate said it would continue to realize the value of Federal Land’s huge land bank in Cavite this year. It also plans to put more assets into Federal Land NRE Group—a joint venture between Federal Land and Nomura Real Estate Group.

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GT Capital also allocated P3 billion for new model introduction, specs upgrade and special projects of automotive subsidiary Toyota Motor Philippines Inc.

The balance in the capex will go to insurance and automotive financing subsidiaries.

GT Capital said it planned to fund this year’s programmed spending through internally-generated funds and borrowings.

The conglomerate expressed optimism on its 2023 outlook after its delivery of strong results in 2022.

“We remain optimistic with the outlook for the coming year and are confident in our strong market position in the key sectors we represent,” GT Capital president Carmelo Maria Luza Bautista said.

GT Capital booked a 67-percent growth in consolidated net income to P18.4 billion in 2022 from P11 billion in 2021. Consolidated revenues jumped 40 percent to P245.3 billion from P174.6 billion.

The conglomerate said the country’s strong economic growth, normalized mobility and resurgent consumption spending enabled all its businesses to deliver strong results despite economic headwinds.

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