Tanduay Distillers, Inc. (TDI) reported a record net income of โฑ2.15 billion in 2024, a 37% increase from โฑ1.57 billion in 2023. The strong performance was fueled by a combination of increased sales volumes and strategic price adjustments, which pushed revenues up by 13% to โฑ33.85 billion.
Sales volumes rose by 2% for liquor and 1% for bioethanol, helping Tanduay overcome economic challenges such as inflation and weather disruptions that affected consumer spending.
TDI maintained its market dominance in the Visayas and Mindanao, where it commands shares of 70.6% and 79.6%, respectively. Nationwide, however, its distilled spirits market share slightly declined to 32.2% from 32.9% due to intensified competition.
In October 2024, TDI completed the sale of its stake in Asian Alcohol Corporation for โฑ1.8 billion. The deal includes a โฑ480 million upfront payment, with the balance to be paid over four years. The divestment supports TDIโs goal of streamlining operations and focusing on core businesses.
Tanduayโs strong showing contributed to the overall performance of its parent firm, LT Group, Inc. (LTG), which reported a 14% increase in net income to โฑ28.92 billion in 2024. TDI accounted for โฑ2.14 billion, or 7% of the total.
Other LTG subsidiaries also posted solid results:
- Fortune Tobacco Corporation earned โฑ12.77 billion, up 12%
- Philippine National Bank netted โฑ21.18 billion, up 11%
- Asia Brewery, Inc. saw a 46% jump to โฑ841 million
- Victorias Milling Company contributed โฑ492 million
Eton Properties, however, posted a 53% decline in net income to โฑ212 million due to lower leasing revenues and rising costs.
In line with its strong financial results, LTG declared a special cash dividend of โฑ0.35 per share in November, bringing its total 2024 payout to โฑ1.25 per share or โฑ13.53 billionโa 53.2% payout rate.
Tanduayโs consistent growth and strategic focus continue to position it as a vital contributor to LTGโs diversified business portfolio and the broader Philippine liquor market.
