AboitizPower 9-month net income hits P27.3B

By Ed Paolo Salting – October 25, 2024
from The Manila Times

ABOITIZ Power Corp. on Thursday said that net income as of end-September was P27.3 billion, up 2 percent from the P26.7 billion recorded a year earlier, due to higher generation portfolio margins and additional capacity.

These factors — the capacity gains were said to have particularly come from the 159-megawatt (MW) Laoag and 94-MW Cayanga solar plants — were also behind a 12-percent increase in earnings before interest, taxes, depreciation and amortization (Ebitda) to P56.10 billion for the nine-month period.
Retail volume and higher energy sales from the distribution utility business also contributed to the increase in the company’s beneficial Ebitda.
AboitizPower’s generation and retail supply business’ beneficial Ebitda was reported to have hit P50.90 billion, 11 percent higher and driven by higher portfolio margins and the energization of the Cayanga and Laoag solar plants.

Energy sold reached 26,910 gigawatt-hours (GWh) for the first three quarters of 2024, 2 percent higher compared to the same period in 2023.
AboitizPower’s distribution business’ Ebitda also rose, by 11 percent to P6.60 billion, because of higher energy sales that increased by 8 percent to 4,939 GWh due to demand for power under El Niño conditions earlier this year.

Energy sales from residential and commercial and industrial customers increased by 14 percent and 5 percent year-on-year.
AboitizPower’s share price went down by 0.60, or 1.58 percent, to P37.40 on Thursday amid a 1.14-percent drop for the benchmark Philippine Stock Exchange index.