Aboitiz Power income surges 32% to P27.5B

Listed firm Aboitiz Power Corporation logged 32-percent surge in consolidated net income last year to P27.5 billion from a leaner P20.8 billion in 2021.

The company said its profit’s significant hike “was primarily due to fresh contributions from GNPD (GNPower Dinginin) and higher availability across the company’s portfolio, gains from commodity hedges, and higher water inflows.”

 GNPower is currently the biggest coal-fired power plant in the country with 668-megawatt capacity per unit; or a total of 1,336MW for its two generating blocks.

The firm’s non-recurring gains of P1.0 billion has been a remarkable hike if compared to the P57 million non-recurring gains in 2021.

It explained that the non-recurring gains had been linked “to the portion of commodity hedge gains which were not recognized in fuel costs.”

After integrating these factors in its financial performance, the full-year core net income of the company had been at P26.5 billion versus P20.8 billion in 2021.

“If the company excluded the impact of typhoon Odette, liquidated damages, and business interruption claims that the company collected in 2022 and 2021, this would have resulted in a 47-percent gain in the company’s core net income and a 52-percent gain in its net income in 2022 versus 2021,” Aboitiz Power stressed.

The power generation and retail segments of the company’s business had been the primary income growth drivers – posting earnings before interest, taxes, depreciation and amortization (EBITDA) of P51.2 billion, a leap of 18-percent from P43.4 billion in 2021.

On the distribution side, the firm equally performed well with P8.0 billion, which equates to 6.0-percent jump from P7.5 billion in the previous year, emphasizing that its sales went up by 4.0-percent to 5,785 gigawatt-hours in 2022 as against 5,582 GWh the year before.

Aboitiz Power President and CEO Emmanuel V. Rubio proudly indicated that “we have achieved another strong year in 2022, despite the challenges posed by the ongoing pandemic,” adding that “our pursuit of delivering reliable and sustainable power to our customers and our strategic investments in renewable energy have enabled us to remain resilient and adapt to changing market conditions.”

He reiterated that the firm’s investment way forward will be on more renewables as well as pursuit of digitalization “to enhance our operations and customer service.”

Within fourth quarter of 2022 alone, Aboitiz Power reported that its income also posted 56-percent escalation to P8.0 billion from P5.2 billion within the same October-December stretch in the prior year.

It qualified that within the period, the power firm booked non-recurring losses of P167 million, a reverse of the P71 million non-recurring gains it booked in the same timeframe in 2021.

“Without these one off items, core net income for the fourth quarter of 2022 was P8.2 billion, 61-percent higher year-on-year. This was primarily due to fresh contributions from GNPD and higher availability performance,” the company specified.