MPIC profit swelled by 20% on power, water biz
Metro Pacific Investments Corp. (MPIC) continued to ride high on the strong performances of its power and water businesses, with its profit expanding by 20 percent in the first semester.
In a media briefing on Wednesday, the group said its consolidated core net income rose to P15 billion from P12.5 billion.
Reported net income likewise posted a 36-percent jump to P17 billion from P12.5 billion.
MPIC said the growth momentum was maintained, thanks to Manila Electric Co.’s (Meralco) power generation unit and higher tariffs at Maynilad Water Services, Inc.
“Our performance in the first half of the year reflects the continued resilience and strength of our businesses. We’ve seen meaningful contributions from power, water, and toll roads—sectors that are fundamental to the country’s development,” said MPIC chair Manuel V. Pangilinan.
The tycoon said MPIC will continue to boost its investments in energy, food security, and inclusive infrastructure.
“The momentum is encouraging and we intend to continue building on it,” Pangilinan added.
The group’s power business chipped in the biggest chunk at P11.2 billion, representing 64 percent of their net operating income.
The water and toll roads businesses followed with P3.8 billion and P3.3 billion, respectively.
Meralco, the country’s largest power distributor with growing operations in electricity generation, booked a consolidated core net income of P25.5 billion, up 10 percent.
Meralco’s distribution business still pitched in the largest contribution at P13.7 billion. This was followed by the power generation business at P9.4 billion; and retail electricity supply and nonelectricity business with P2.4 billion.
Maynilad also ended the first half with P7.4 billion in core profit, 23 percent higher than a year ago. It also realized an 11-percent growth in revenues to P18.4 billion, thanks to an 8 percent increase in tariff. It is the water and wastewater services provider for the West Zone concession, covering 17 cities and municipalities in Metro Manila and Cavite.
