AboitizPower’s first-quarter income rose 4% to P7.9b

By Alena Mae S. Flores – May 6, 2024, 9:55 pm
from manilastandard.net

Aboitiz Power Corp. said Monday it posted a 4-percent net income growth in the first quarter to P7.9 billion from P7.5 billion in the same period last year on higher power generation.

Aboitiz Power said in a statement that stripping non-recurring items, core net income in the three-month period increased 3 percent to P7.8 billion from P7.6 billion a year earlier.

“AboitizPower continued its strong performance in the first quarter of 2024, building on its successful 2023. This momentum reflects the effectiveness of our investments and growth strategies, which further reinforces our dedication to providing reliable, affordable, and sustainable power while driving the nation’s development,” said AboitizPower president and chief executive Emmanuel Rubio.

It said energy sold by the generation and retail electricity supplier segments rose 1 percent to 8,812 gigawatt hours (GWh) from 8,725 GWh the previous year.

The segments had earnings before interest, taxes, depreciation and amortization (EBITDA) of P13.8 billion in the first quarter, higher than P13.1 billion in the same period last year.

Its distribution business increased its energy sales by 9 percent to 1,526 GWh from 1,404 GWh on higher demand driven by the effect of the El Niño phenomenon.

The distribution business posted an 11-percent decrease in EBITDA to P2.6 billion on account of favorable timing in pass-through charges that were recognized in 2023 resulting from declining fuel prices.

“Looking ahead, we’re excited about the new growth drivers emerging this quarter. By leveraging these opportunities, we remain confident in our ability to unlock shared success for all our stakeholders,” Rubio said.

AboitizPower had a full-year net income of P33.1 billion in 2023, or 27 percent higher than P26.0 billion recorded the previous year.

Core net income increased 29 percent to P32 billion from P24.8 billion during the same period in 2022.

AboitizPower, together with its partners, allocated P73 billion in capital expenditures this year, more than double the P26 billion in 2023.