Tanduay Distillers, Inc. (TDI) reported a record-breaking net income of P2.15 billion in 2024, a significant 37% increase from P1.57 billion the year before. The impressive growth was fueled by increased sales volumes in both liquor (up 2%) and bioethanol (up 1%), along with strategic price adjustments that lifted total revenues by 13% to P33.85 billion.
Despite facing inflation and weather-related challenges that affected consumer spending, TDI strengthened its dominance in the Visayas and Mindanao, maintaining strong market shares of 70.6% and 79.6%, respectively. However, its national market share in distilled spirits slipped slightly to 32.2%, from 32.9% in 2023, amid rising competition.
In a move to sharpen its focus on core operations, TDI sold its stake in Asian Alcohol Corporation in October 2024 for Php1.8 billion. The deal, structured over four years, includes an initial Php480 million cash payment and aligns with the company’s long-term strategy to streamline operations and boost profitability.
TDI’s stellar performance significantly boosted parent firm LT Group, Inc. (LTG), contributing P2.14 billion—7% of the conglomerate’s total net income of P28.92 billion, which rose 14% from P25.42 billion in 2023. TDI’s consistent growth highlights its crucial role in LTG’s diverse portfolio.
Other LTG subsidiaries also delivered strong results. Fortune Tobacco Corporation posted a 12% increase in net income to P12.77 billion, supported by higher dividends from PMFTC and favorable forex gains. Philippine National Bank reported an 11% rise in profits, reaching P21.18 billion.
Asia Brewery, Inc. saw a 46% jump in net income to P841 million, thanks to a 5% sales uptick across major products. Meanwhile, Eton Properties Philippines, Inc. recorded a 53% drop in net income to P212 million, impacted by reduced leasing income and higher expenses. Victorias Milling Company added P492 million to LTG’s earnings.
Reinforcing its shareholder focus, LTG declared a special cash dividend of P0.35 per share in November, totaling P3.79 billion. This brought total dividends for the year to P1.25 per share or P13.53 billion—representing a payout rate of 53.2%.
With strong financial results, strategic divestments, and solid market leadership, Tanduay Distillers remains a cornerstone of LTG’s success, strengthening the group’s position in the Philippine business landscape.