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AYALA Corp. said its net income almost doubled during the nine months of the year to reach P46.2 billion from last year’s P23.86 billion, lifted by the solid contribution of its banking, telecommunications, real estate and power units.

Equity earnings from Ayala’s business units grew 77 percent to P51.9 billion, boosted by contributions coming from the Bank of the Philippine Islands (BPI), Ayala Land and AC Energy.

Ayala also recognized gains from the merger of AC Education with iPeople and from the partial divestment of AC Energy’s thermal assets.

All these cushioned the impact of weaker results of AC Industrials, which is experiencing headwinds from what it called one of the sharpest and most widespread downturns in global manufacturing, it said.

In the third quarter alone, Ayala’s net profits expanded 6 percent to P8.3 billion from last year’s P7.79 billion supported by robust results from BPI and AC Energy. Equity earnings from Ayala’s business units, meanwhile, rose 4 percent year-on-year to P10.2 billion in the third quarter.

“We are pleased to see sustained growth in most of our core businesses continuing to provide stability in our earnings. AC Energy has quickly become a significant contributor to our portfolio,” Ayala President and COO Fernando Zobel de Ayala said in a statement.

“We continue to be mindful of the challenges in some sectors, particularly AC Industrials and the global manufacturing space.

“We believe the strategies put forth in AC industrials continue to be promising but are saddled near-term by geopolitical and trade issues. The pipeline of opportunities remains strong and efforts to manage the effects of this near-term uncertainty are being aggressively addressed,” he said.

Meanwhile, Ayala Healthcare Holdings Inc., a unit of the conglomerate, has expanded its pharma portfolio with new investments into IE Medica, one of the major importers of pharmaceutical products in the country, and MedEthix, its affiliated distribution company.

The agreement, in which AC Health acquired minority stakes in both companies, was signed on Tuesday between IE Medica’s principals, Vasant and Monaliza Salian, and the AC Health leadership team led by Zobel, AC Health President and CEO Paolo Borromeo.

“Our investment into IE Medica and MedEthix fits well with AC Health’s overall vision to improve health care. The Salians have built an impressive platform, and we are happy they share in our vision to bring quality, affordable medicines to more Filipinos,” Zobel said.

The investments in IE Medica and MedEthix will allow AC Health to vertically integrate its pharmaceutical portfolio, and further strengthen the supply chain for its network of over 800 Generika pharmacies, and 70 FamilyDOC primary care clinics. In the future, this partnership will also allow AC Health to offer more affordable medicines at its cancer hospital, which will open in 2022.

IE Medica and MedEthix were founded by Vasant and Monaliza Salian in 2006 and 2009, respectively, with the goal of importing and distributing a wide range of medicines, including generics and innovative drug delivery systems. Since then, the company has grown to become a key player in the pharmaceutical industry, and has established its presence across various therapeutic areas.

Source : https://businessmirror.com.ph/2019/11/13/ayala-corp-income-almost-doubles-in-9-months/

Tags: Ayala Land Corp. Developer