Aboitiz Power’s first-half profit soared to P17.8b

By Alena Mae S. Flores – July 27, 2023, 8:15 pm
from manilastandard.net

Aboitiz Power Corp. said Thursday net income soared 79 percent in the first half to P17.8 billion from P10 billion in the same period last year.

Aboitiz said in a disclosure to the Philippine Stock Exchange it recognized non-recurring gains of P37 million on derivative gains from commodity hedging, compared to the P853 million in non-recurring gains recorded in the same period in 2022.

It said that without these one-off gains, the company’s core net income in the first half was P17.8 billion, a 95-percent increase year-on-year.

“The company had an exceptional performance in the first six months of 2023, driven by fresh contributions of our strategic investments and operational excellence outcomes,” Aboitiz Power president and chief executive Emmanuel Rubio said.

“We remain on track toward achieving a 50:50 balanced mix portfolio by 2030 and continue to focus on providing reliable and innovative power while adapting to dynamic market conditions,” Rubio said.

Aboitiz Power’s net income in the second quarter went up 46 percent to P10.3 billion from P7 billion a year ago. It recognized non-recurring losses of P81 million during the period, versus the P923 million in non-recurring gains a year earlier.

Core net income in the second quarter reached P10.4 billion, up by 69 percent from a year ago, on contributions from GNPower Dinginin Ltd. Co. and higher availability across the company’s portfolio.

“We envision a future of continued success in achieving our corporate objectives, where Aboitiz Power is recognized as a driving force in the country’s energy sector, delivering sustainable growth and substantial returns to our investors,” Rubio said.

Aboitiz Power’s generation and retail supply business recorded earnings before interest, taxes depreciation and amortization of P30.2 billion in the first half, or 31 percent higher than P23.1 billion in the same period in 2022.

This was due to fresh contributions from GNPD and higher availability across the company’s portfolio.

Energy sold increased by 29 percent to 17,736 gigawatt-hours in the first half, compared to 13,762 GWh in the same period in 2022.

Aboitiz Power’s distribution business recorded EBITDA of P6 billion in six months, or 101 percent higher than P3 billion recorded a year ago.

Energy sales from both residential and commercial and Industrial customers increased 7 percent to 2,983 GWh from 2,780 GWh.