THE Aboitiz Group remained bullish for 2024, saying they are also set to integrate their acquisitions for their operations including the plan to spend more than double of their capital expenditures to expand further.

The group made the announcement at the annual stockholders’ meeting (ASM), to which Aboitiz Equity Ventures (AEV) chief financial officer Jose Emmanuel “Toto” Hilado narrated that they are looking to sustain their continuous growth in 2024.

“We don’t actually give guidance as a matter of practice, but suffioupce me to say that we are confident that 2024 will see positive growth as we integrate our acquisitions like Citi’s consumer business, Mactan Airport, and CCBPI,” he said.
Hilado mentioned the acquisition of the Union Bank of the Philippines to the Citigroup.

Likewise, he also said that the AEV and Coca-Cola Europacific Partners Plc.’s (CCEP) had acquired Coca-Cola Beverages Philippines Inc. for $1.8 billion.

The AEV ended 2023 with a P22.120-billion core net income, up from P20.475 billion the previous year as its revenues climbed to P310.619 billion from P306.861 billion. Its attributable net income, however, fell to P23.546 billion from P24.021 billion.