Philippines:Ayala Holding Company reported a remarkable 18% increase in net profit to PHP 27.7 billion in 2022. This impressive financial performance was attributed to the firm’s astute fiscal management and judicious investments.

Ayala Corporation, the holding company of the Ayala conglomerate, reported on Thursday that its core net profit in 2022 was P27.7 billion, up 18% from 2021. The net profit of BPI, a major commercial bank under the umbrella, increased 66% to 39.6 billion pesos, while the net profit of Ayala Land, a subsidiary of real estate development division, increased 52% to 18.6 billion pesos. increased by 46% year-on-year. However, net profit fell 50% to 4.6 billion pesos from a year earlier, after AC Energy, an energy subsidiary, posted a loss on the sale of two coal-fired power plants. Ayala Corporation said that its total capital expenditure in 2022 was 280.3 billion pesos, an increase of 24% compared to 2021, but plans to slightly shrink to 264 billion pesos in fiscal 2023. (10 days, star)