Metro Pacific Investments Corporation, now a privately-held conglomerate of the First Pacific Group and other top conglomerates, reported a 37 percent growth in consolidated core net income to P16.2 billion for the first nine months of 2023 from the P11.8 billion earned in the same period last year.

In a disclosure to the Philippine Stock Exchange, the firm said the improved financial and operating results from its holdings delivered a 31 percent increase in contribution from operations, mainly driven by the strong performance of the power generation business and higher water tariff for the water concession.

“The expectation for the yearend is more or less the same. We should be able to sustain that…on the back of the power or Meralco (Manila Electric Company) growth,” said MPIC Chief Finance, Risk and Sustainability Officer Chaye A. Cabal-Revilla in an interview.

Among MPIC’s core businesses, Power had the largest share at P13.8 billion or 69 percent of net operating income in the first nine months of 2023 while Toll Roads and Water contributed P4.1 billion and P3.5 billion, respectively.

Reported attributable net income increased 22 percent to P16.1 billion compared with P13.1 billion last year, which had the benefit of gains from the acquisition of Landco Pacific Corporation.

“Our consistently strong performance reflects significant volume increases for our core businesses on power, toll roads, and water, bolstered by favorable tariff adjustments and savings resulting from operational efficiencies,” said MPIC Chairman, President and CEO Manuel V. Pangilinan.

He added that, “We are also realizing the fruits of strategic investments in the power generation business, and we expect this to continue to be a driver of growth in the future.”

“Together with our new partners, we look forward to further investing in national development and continuing to deliver high-quality essential services,” Pangilinan noted.

Japan's Mitsui Corporation and billionaire Ramon S. Ang, President and CEO of giant conglomerate San Miguel Corporation recently entered MPIC as strategic investors.

Meralco reported a 53 percent surge in consolidated core net income to P30.0 billion, driven by the significant growth in contribution from the power generation business.

Meralco PowerGen Corporation (MGen) contributed P10.2 billion or 34 percent of core earnings, almost tripling from P3.7 billion a year earlier, primarily driven by the contribution of Singapore‐based Pacific Light Power Pte. Ltd. and positive contributions of the operating power projects in the Philippines.

Metro Pacific Tollways Corporation’s core net income was flat at P4.1 billion due to the higher concession amortization on newly-opened roads and financing cost on the acquisition of Jakarta-Cikampek Elevated Toll Road (Japex) in the second half of 2022.

Toll Revenues grew 20 percent to P19.8 billion due to a combination of toll rate increases and traffic growth in the Philippines and Indonesia.
Recorded average daily vehicle entries rose 14 percent to 654,580 in the Philippines, increased 7 percent to 78,194 in Vietnam, and jumped 85 percent to 485,910 in Indonesia which included 197,442 vehicles from Japex
Maynilad Water Services Inc. reported a 46 percent hike in core net income to P6.8 billion due to lower amortization resulting from the extension of the concession period.
Revenues grew 18 percent to P20.3 billion reflecting 2 percent growth in billed volume and higher effective tariffs.
Capital expenditure amounted to P14.5 billion, up 41 percent from last year, as Maynilad continued to deliver on its obligations under the approved business plan.