AEV posts ₱22-B net profit in 2019

Published March 10, 2020, 12:00 AM

by manilabulletin_admin

By James A. Loyola

Aboitiz Equity Ventures Inc. reported an almost flat net income of ₱22.0 billion for 2019 from the ₱22.2 billion registered in 2018.

In a disclosure to the Philippine Stock Exchange, the firm said it recognized non-recurring gains of ₱516 million last year, compared to non-recurring losses amounting ₱891 million in 2018, representing net foreign exchange gains, and gains on reversal of impairment provisions.

Without these one-off gains, AEV’s core net income for 2019 was ₱21.5 billion, 7 percent lower than the ₱23.1 billion earned in 2018.

Power accounted for 57 percent of the total income contributions from AEV’s Strategic Business Units (SBU) in 2019, while the Financial Services, Food, Real Estate, and Infrastructure SBUs income contributions were at 30 percent, 7 percent, 4 percent, and 2 percent, respectively.

Aboitiz Power Corporation’s (AboitizPower) net income contribution to AEV for 2019 decreased by 20 percent from ₱16.7 billion to ₱13.3 billion.

On a stand-alone basis, AboitizPower’s core net income for 2019 was ₱16.6 billion, a 30 percent drop from the previous year. Including non-recurring gains of ₱702 million, AboitizPower’s net income for 2019 was ₱17.3 billion, 20 percent lower compared to 2018.

Union Bank of the Philippines’ income contribution to AEV for 2019 amounted to ₱7.2 billion, double the ₱3.6 billion recorded in the previous year.

On a stand-alone basis, UnionBank and its subsidiaries posted a record net income of ₱14.0 billion in 2019, 100 percent higher than the ₱6.9 billion recorded in 2018.

AEV’s non-listed food subsidiaries’ (Pilmico Foods Corporation, Pilmico Animal Nutrition Corporation, and Pilmico International Pte. Ltd.) income contribution amounted to ₱1.58 billion for 2019, 2 percent higher than the ₱1.56 billion in 2018.

AboitizLand, Inc. and its subsidiaries reported a consolidated net income of ₱943 million for 2019, a 46 percent increase from the ₱645 million recorded in 2018, primarily due to fair valuation gains on investment properties.

Republic Cement & Building Materials, Inc.’s income contribution to AEV for 2019 amounted to ₱612 million, 187 percent higher than the ₱213 million recorded last year due to a slight increase in private sector demand for cement, the completion of several debottlenecking projects, and improved controls on production costs.

 
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