Conglomerate Ayala Corp. said Friday it earmarked P230 billion for 2025 capital expenditures to support the expansion plans of its core real estate, power generation and telecommunication businesses.
Ayala said in a disclosure to the stock exchange its board of directors approved the issuance of up P20 billion via a preferred shares offering to help fund this year’s capital spending.
Bulk of the spending will go to the group’s property unit Ayala Land Inc. (ALI) which earmarked P95 billion to roll out more malls, hotels and residential projects. Power generation arm AC Energy (ACEN) allotted P70 billion in capital spending, up 44 percent from last year’s P48.7 billion to support incoming pipeline projects.
Globe Telecom Inc. will also spend P46.6 billion, lower than the 2024 spending of P56.2 billion, while AC Mobility will invest P3.8 billion this year, up by 125 percent from P1.7 billion in 2024 as it ramps up inventory, dealership and EV charging infrastructure.
Ayala Corp. reported a net income of P42 billion in 2024, up 10 percent from 2023. Excluding one-off items, core net income increased 10 percent to an all-time high of P45 billion.
“2024 was Ayala’s strongest year ever. We continue to be reliant on our core business units but 2025 should be an inflection point for our smaller and newer businesses. We will continue to build a more concentrated, collaborative and connected Ayala and grow businesses that deliver long-term shareholder value,” Ayala president and chief executive Cezar Consing said.
ALI’s net income grew 15 percent to P28.2 billion on the back of solid growth across its business units.
Globe’s core net income, which excludes non-recurring charges, foreign exchange and mark-to-market charges, improved 14 percent to P21.5 billion in 2024
ACEN’s profit accelerated 27 percent to P9.4 billion, driven by higher attributable renewables output, and supported by P2.8 billion in value realization gains.
The group’s non-core businesses continued to face challenges, with AC Health, AC Logistics and AC Industrials registering losses in 2024.
AC Health’s net loss widened to P610 million mainly due to a one-time impairment in Konsulta MD and ramp-up costs of the cancer hospital. Revenues grew 10 percent to P9.4 billion.
AC Logistics also widened its net loss to P2.2 billion due to one-time clean-up expenses for Air21 Holdings Inc.
AC Industrials’ core net loss widened to P=1.6 billion from P1.2 billion because of softer demand and restructuring costs in Integrated Microelectronics Inc, start-up expenses and one-off costs in ACMobility.