Manila Water posts P6.5-B profit


By James A. Loyola

Manila Water Company posted a 7 percent core income growth to P6.5 billion last year, mainly driven by the strong top-line of the Manila Concession, expansion of the domestic operating subsidiaries, and higher supervision fees recognized by Estate Water.

In a disclosure to the Philippine Stock Exchange, the firm said these also resulted in a five percent growth in consolidated revenues to P18.5 billion for 2017. Net of non-recurring expenses, reported net income grew by 1 percent to P6.1 billion in 2017.

All operating units posted notable growth in billed volume. The Manila Concession grew by two percent as it connected new customers in previously unserved areas and now serves over 6.5 million people in the eastern side of Metro Manila.

Meanwhile, the other subsidiaries within the Philippines consisting of operations in Boracay, Cebu, Clark and Laguna, and with the addition of Estate Water, all posted double-digit billed volume improvements.

Other income (net of expenses) grew by 20 percent to P541 million in 2017, brought about by the higher equity share in net income of associates.

Manila Water’s two bulk water companies in Vietnam, namely Thu Duc Water and Kenh Dong Water, together with Saigon Water, contributed P457 million in net income, rising 24 percent from 2016.

“We are proud of our ability to register solid core income growth in 2017, as it highlights the strength of our business, and our people,” said Manila Water President and CEO Ferdinand dela Cruz.

He added that, “building on this foundation, we continue to build our business and expand our market reach, both domestically and in the region.  Our organization is now geared up for growth, and we are very excited to take on the opportunities that lie ahead.”

Very recently, Manila Water announced its first investment in Thailand, as part of the Company’s ongoing expansion in Southeast Asia.