Aboitiz unit’s share buyback gets nod
By Lenie Lectura – August 31, 2023
from Business Mirror
Aboitiz Power Corp. has received the green light to implement a share buyback program.
“The Board of Directors approved the company’s authority to buy back its own shares using internally generated excess cash.
The Board has delegated to AboitizPower management the authority to decide when to acquire the company’s shares, as and when market prices dictate and as opportunities arise,” the power firm said in a disclosure to the stock exchange on Wednesday.
It did not say how many shares it will repurchase. The company has yet to reply when sought for more details.
AboitizPower has a pipeline of close to 1,000megawatts (MW) of renewable energy projects, including developing wind and solar farms throughout the country, as well as geothermal.
In the next 10 years, it targets having a total of 4,600MW of clean energy and a 50:50 balance between its renewable and thermal capacities.
In the second quarter, the power firm posted a net income of P10.3 billion, bringing its first-half earnings to P17.8 billion.
The figures are 46-percent higher than the P7 billion net income in the second quarter last year and up by 79 percent than the P10 billion recorded in the first half of last year.
The company attributed its strong performance to the “fresh contribution” from GNPower Dinginin Ltd. Co. (GNPD) and higher availability across the company’s portfolio.
“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,” said AboitizPower President and Chief Executive Officer Emmanuel Rubio.
It also recognized non-recurring gains of P37 million during the six-month period, mainly due to derivative gains from commodity hedging.
The company’s generation and retail supply business recorded P30.2 billion in earnings before interest, taxes, depreciation and amortization from January to June, up 31 percent from last year’s level.
