LT Group, Inc. (LTG) reported an attributable net income of Php25.14 billion for 2022, 24% higher than the Php20.25 billion reported for 2021. The lower attributable income in 2021 was due to the elimination at the LTG level of the Php33.44 billion gain that PNB booked from transferring real estate assets into PNB Holdings Corporation (PHC) in 2Q21.

The tobacco business accounted for Php15.28 billion or 61% of total attributable income. Philippine National Bank (PNB) contributed Php6.61 billion or 26%. Tanduay Distillers, Inc. (TDI) added Php1.47 billion or 6% of total, while Asia Brewery, Inc. (ABI) accounted for Php580 million or 3%. Eton Properties Philippines, Inc. (Eton) contributed Php372 million or 1%. The 30.9% stake in Victorias Milling Company, Inc. (VMC) added Php491 million or 2% of total. LTG Parent also booked net Other Income of Php340 million, 1% of total attributable income.

In November, LTG declared a Php0.50 per share special dividend, or Php5.41 billion, which was paid on December 16. Together with the regular and special dividends declared in March of Php0.15 and Php0.15 per share, respectively, the special dividend of Php0.30 in May, and the Php0.30 in August, these brought 2022’s total dividends to Php1.40 per share or Php15.15 billion, equivalent to 74.8% of LTG’s 2021 attributable net income. This has been the highest dividends declared in a year since LTG’s listing in 2013.

LTG’s balance sheet remains strong. Debt-to-Equity Ratio was at 3.58:1 with the Bank and at 0.14:1 without the Bank as of end-2022.