MPIC profits inch up 4% in Jan-Sept

Metro Pacific Investments Corporation (MPIC) reported that its attributable net income inched up four percent to P16.4 billion in the first nine months of 2022 from the P15.74 billion in the same period last year.

In a press briefing, MPIC Chief Finance, Risk and Sustainability Officer Chaye A. Cabal–Revilla said consolidated core net income grew 25 percent growth to P11.8 billion for the first nine months of 2022 from P9.5 billion a year earlier.

MPIC Chief Finance, Risk and Sustainability Officer Chaye A. Cabal-Revilla

She said “Improved financial and operating results of the constituent companies delivered a 17 percent increase in contribution from operations, mainly driven by a strong recovery in toll road traffic, growth in power consumption, and increase in billed water volumes.”

Power accounted for P8.9 billion or 58 percent of net operating income; Toll Roads contributed P4.1 billion or 26 percent; Water contributed P2.2 billion or 15 percent; and the other businesses, mainly Real Estate, Hospitals, Fuel storage, and Light Rail, contributed P153 million.

Average interest rates on borrowings have been significantly reduced and resulted in a 7 percent decline in net interest costs in the first nine months of 2022.

This was a result of the Company’s strategic rerating and refinancing of expensive debt facilities amidst rising interest rate environment.

MPIC Chairman Manuel V. Pangilinan

“Our continuing earnings growth reflects significant volume increases for all our core businesses together with our intense focus on operational efficiencies,” said MPIC Chairman, President and CEO Manuel V. Pangilinan.

He noted that, “This has been achieved on the strength of years of significant investments in improving the quality of our services.” Thus, Pangilinan said “We are on track to sustaining our double-digit growth for the rest of the year and achieving our Core Net Income target for full-year 2022 of approximately P14 billion.”

“Looking ahead, we will be focusing on unlocking further opportunities in Agriculture in the hopes of helping to address our country’s food security aspirations. We continue to be guided by our vision of achieving the ideal balance between maximizing economic opportunities and enabling solutions to urgent societal challenges,” he noted.