MPIC core profit rise 24% to P7.5 B
Metro Pacific Investments Corporation reported a 24 percent growth in consolidated core net income to P7.5 billion for the first half of 2022, a post-pandemic high, from P6.0 billion a year earlier.
In an online press briefing, MPIC Chief Finance Officer June Cheryl Cabal-Revilla said “improved financial and operating results of the constituent companies delivered a 15 percent increase in contribution from operations.”
She added that this is “mainly driven by a strong recovery in toll road traffic and growth in power consumption as more industries ramped up operating capacity.” Reported attributable net income dipped 9 percent to P9.5 billion for the first half of 2022 compared to the same period last year when the Company reported a gain from the sale of Global Business Power and Don Muang Tollways.
Power accounted for P5.9 billion or 60 percent of net operating income; Toll Roads contributed P2.5 billion or 26 percent; Water contributed P1.4 billion or 15 percent; and the other businesses, mainly Real Estate, Hospitals, Fuel storage, and Light Rail, incurred a net loss of P35 million.
Average interest rates on borrowings have been significantly reduced and resulted in a 12percent decline in net interest costs in the first half of 2022.
This was made possible by the Company’s strategic rerating and refinancing of expensive debt facilities ahead of the current rising interest rate environment.
“While we are growing our sales and core profitability, we remain grounded by our north star – to contribute to national progress and improve the lives of Filipinos,” said MPIC Chairman, President and CEO Manuel V. Pangilinan.
He added that, “We remain steadfast in our pursuit of other potential growth areas, particularly in Agriculture, Tourism, and Logistics, but we are still mindful of the crucial role that MPIC plays in Philippine infrastructure and enabling the progress that our government envisions.”
“I am hopeful that the positive tone toward infrastructure investment set by the new Administration will lead to accelerating development for our country,” Pangilinan said.