AboitizPower 9-mo profit rose to P26.2B
Aboitiz Power Corp. realized a 13-percent jump in its bottom line in the January to September period on the back of a stronger electricity generation segment.
The group’s net income rose to P26.2 billion from P23.3 billion in the same period last year.
Core earnings likewise climbed by 11 percent to P25.5 billion against the previous P23.1 billion.
Its beneficial earnings before interest, taxes, depreciation and amortization, or Ebitda, stood at P63.7 billion, 13 percent higher than P56.3 billion.
The energy giant attributed the improved financial footing to the generation segment, which was fueled by better power prices and higher contracted capacity.
The added capacity boost from the Caliraya-Botocan-Kalayaan (CBK) Hydroelectric Power Plant Complex, coupled with the activation of new solar farms, also helped lift the business despite the weaker performance of its coal facilities.
Aboitiz Power emerged as the winner last year after offering P36.27 billion for CBK hydroelectric power plants in Laguna, giving its portfolio fresh capacities of about 796 megawatts.
From January to September, energy sold by its generation and retail electricity supply units totaled 35,105 gigawatt-hours (GWh), up 9 percent from 32,138 GWh.
Its distribution business, meanwhile, saw energy sales increase by 8 percent to 5,576 GWh from 5,167 GWh.
As of the end of September, total consolidated assets stood at P647.8 billion.
The Aboitiz Group accounts for 24.3 percent of the national grid’s installed generating capacity as of June, data from the Energy Regulatory Commission showed.
