AboitizPower nets P33.9b on new capacity, higher sales
By Alena Mae S. Flores – March 7, 2025, 8:05 pm
from manilastandard.net
Aboitiz Power Corp. on Friday reported a 2-percent increase in 2024 net income to P33.9 billion from P33.1 billion in 2023 despite the recognition of depreciation and interest for GNPower Dinginin Ltd. Co.’s (GNPD) Units 1 and 2.
The company said in a disclosure to the Philippine Stock Exchange net income growth would have been 18 percent higher year-on-year, excluding the impact of the GNPD depreciation and interest.
AboitizPower’s core net income in 2024 grew 5 percent to P33.7 billion from P32 billion in 2023.
“AboitizPower remains focused on delivering operational excellence in its power plants, developing a pipeline of new energy capacity, and pursuing opportunities in its distribution and retail business,” AboitizPower chief finance officer Sandro Aboitiz said.
“AboitizPower intends to grow its momentum and we are excited to build the next wave of renewable energy projects in 2025 and beyond,” he said.
The company said beneficial earnings before interest, taxes, depreciation and amortization (EBITDA) grew 13 percent year-on-year to P73.3 billion, driven by higher generation portfolio margins and energy sales from the distribution utility business.
It said additional capacities from the 159-megawatt-peak (MWp) Laoag and 94-MWp Cayanga solar plants and growth in retail supply volume further increased the company’s beneficial EBITDA for the period.
These same drivers resulted in beneficial EBITDA growth for the fourth quarter of 2024 at P17.2 billion, or 20 percent higher than P14.4 billion beneficial EBITDA in the same period in 2023.
AboitizPower’s generation and retail supply business’ beneficial EBITDA in 2024 reached P66.7 billion, up 11 percent from P59.9 billion in 2023.
This was driven by higher portfolio margins, the energization of the Laoag solar plants and the full-year contribution of the company’s Cayanga solar plant.
Energy sold reached 36,004 gigawatt-hours (GWh), flat compared to 2023.
