AboitizPower nets P33.7 billion in core profit
Aboitiz Power Corp. ended 2024 with a stronger core profit as its generation and distribution businesses saw better performances.
In a disclosure on Friday, the company said core net income hit P33.7 billion, 5 percent higher than P32 billion a year earlier.
Meanwhile, AboitizPower’s net income inched up by only 2 percent to P33.9 billion from P33.1 billion in 2023.
This was due to depreciation and interest expenses on its coal-fired power plant GNPower Dinginin. Without this impact, AboitizPower’s bottom line would have surged by 18 percent.
Cash flow, as measured by earnings before interest, taxes, depreciation and amortization, also jumped by 13 percent to P73.3 billion.
AboitizPower said its improved financial position was owed to the group’s higher generation portfolio margins and more energy sales recorded in the period.
Generation, retail
In the group’s generation and retail supply business, beneficial earnings before tax, depreciation and amortization jumped by 11 percent to P66.7 billion against the previous P59.9 billion.
This happened as the group switched on more solar facilities with an additional 159 megawatts (MW) of capacity from its Laoag plant and another 94 MW from its Cayanga plant.
The volume of electricity sold was pegged at 36,004 gigawatt- hours, unchanged from 2023.
AboitizPower also said its distribution business saw higher energy sales driven by strong consumption, particularly during the summer months, when the heat was worsened by the El Niño phenomenon.
“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,” said Sandro Aboitiz, the company’s chief finance officer.
As of end-2024, consolidated assets stood at P517.6 billion, also up 6 percent from a year ago.
Last week, the industry giant said it was planning to return to the domestic retail bond market to raise P100 billion. The first tranche, worth P20 billion, is slated for offering by the middle of this year.
AboitizPower has operations in power generation, power distribution, retail electricity services and distributed energy.
The firm’s power generation portfolio includes both renewable and nonrenewable generation plants. By 2030, the group hopes to have 4,600 MW of renewable capacity.
Also, AboitizPower holds ownership interests in several distribution utilities that supply power to 18 cities and towns as well as five economic zones across Luzon, Visayas and Mindanao.
