GT Capital gears up for rapid expansion
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by Land Asia Listings
- May 11, 2017
- News
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Updated May 11, 2017 – 12:00am
http://www.philstar.com/
MANILA, Philippines – GT Capital has committed to continuously grow its businesses as it reaps the benefits of its strategic move to shift to infrastructure from power generation as well as the consolidation of its life and non-life insurance businesses.
During the company’s annual stockholders meeting yesterday, GT Capital president Carmelo Maria Luza Bautista said the company had a hectic year in 2016 as it pursued its diversification into infrastructure and utilities.
“The year 2016 was indeed a hectic yet fruitful one for GT Capital. We diversified our investment portfolio, shifting from power generation to infrastructure and utilities with our strategic investment into MPIC. We consolidated our life and non life insurance businesses to achieve both scale and synergy. We invested in the affordable housing sector, boosting our land bank for future development,” Bautista said.
“As we look ahead, we will continue to support our component companies in their quest for excellence. Metrobank will continue expanding its branch network and product and service offerings. Moreover the bank aims to enhance its relationship with its valued clients and attract new ones through its own brand of personalized marketing, all the while enhancing its digital infrastructure to meet the demands of an increasingly technological banking landscape,” he added.
For the company’s automotive business, Bautista said Toyota Motor Philippines would continue to expand its nationwide dealership network.
Bautista said TMP is preparing for its participation in the Philippine government’s Comprehensive Automotive Resurgence Strategy program, which aims to boost domestic assembly and manufacturing of vehicles.
He said the company’s real estate projects would benefit from the government’s infrastructure projects.
“GT Capital’s acquisition of Pro-Friends allowed us to expand our property portfolio by leveraging on Pro-Friends’ affordable real estate expertise and strategic land bank. Pro-Friends naturally complements Federal Land’s property development projects, allowing GT Capital to offer both Federal Land’s upper mid to high-end vertical projects and Pro-Friends’ affordable and economic homes and mixed-use townships in key areas. In 2017 and beyond, we will continue to build on the strengths of these two companies,” Bautista said.
The company reported a net income of P14.6 billion last year, up 21 percent year on year as consolidated revenues grew a hefty 44 percent to P202.1 billion.
