Ayala Reports 19% Growth in Core Earnings in 9M24

Ayala's growth is being sustained by the strong performances of our core businesses. We continue to manage our younger businesses to get them to sustainable trajectories in the near term. We strive to build a simpler, more collaborative and more connected Ayala.

CEZAR P. CONSING
AC President and CEO

Ayala Corporation posted a core net income of P36.7 billion, a growth of 19 percent in the first nine months of 2024. The performance was anchored by the company’s core units, BPI, Ayala Land, Globe, and AC Energy and Infrastructure (ACEIC). Including one-off items, Ayala’s reported net income increased five percent to P34 billion.

Ayala continues to maintain a strong balance sheet through active debt management and value realization initiatives. Consolidated cash amounted to P72.7 billion, while consolidated net debt increased 12 percent to P562.9 billion. Consolidated net debt-to-equity ratio was slightly up three basis point to 0.78x, well within the Ayala’s covenant of 3.0x.

Parent-level cash amounted to P6.9 billion and parent net debt totaled P168.4 billion. Parent net debt-to-equity ratio was at 1.03 and is estimated to adjust below 1.0 upon the completion of Mitsubishi’s forthcoming investment in Mynt, subject to the approval of the Philippine Competition Commission. Loan-to-value ratio, or the ratio of its parent net debt (excluding the fixed-for-life perpetuals which have no maturity) to the total value of its assets, ended at 12 percent. Parent average cost of debt ended at 5.47 percent.

Ayala reissued P15 billion-worth of Preferred “B” Shares at 6.0538 percent. The issuance was well received by institutional and retail investors being 3 times oversubscribed. The proceeds will be used to refinance Ayala’s P15 Billion Preferred Shares callable on November 29.

Read the full disclosure and press statement on the company website or PSE Edge.