Aboitiz Equity Ventures Inc. reported a  nine percent dip in net income to P24.8 billion last year from the P27.3 billion recorded in 2021 due to its reduced stake in Aboitiz Power Corporation. In a disclosure to the Philippine Stock Exchange, the firm said it recognized non-recurring gains of P3.5 billion in 2022, primarily due to foreign exchange gains from the revaluation of US dollar cash and liquid financial instruments, compared to the P527 million in non-recurring gains recorded in 2021. Without these one-off gains, AEV’s core net income for 2022 was P21.3 billion, a 21 percent decrease year-on-year (YOY). As part of its transformation strategy, AEV entered into a strategic partnership with JERA Asia Private Limited for AboitizPower in late 2021. AEV’s equity ownership in AboitizPower was reduced from 77 percent to 52 percent effective end of 2021, resulting in a lower share in AboitizPower’s earnings, as reflected in the full-year results of 2022. Power accounted for 62 percent of the total income contributions from AEV’s Strategic Business Units (SBU) in 2022, while Financial Services accounted for 27 percent. Income contributions from Real Estate, Food, and Infrastructure SBUs were at 11 percent, 0 percent, and -1 percent, respectively. "As we closed another transformative year for the Aboitiz Group, our techglomerate continues to take shape, not just in our financial reports, but also in the major culture shifts taking place within our organization,” said Aboitiz Group President and CEO Sabin M. Aboitiz. He added that, “We will continue to focus our energy and resources on strategic innovation and, more importantly, on people and talent.” AboitizPower’s income contribution to AEV for 2022 amounted to P14.3 billion, 11 percent lower than the P16.0 billion recorded in 2021. On a stand-alone basis, AboitizPower’s net income for 2022, was P27.5 billion, 32 percent higher than the P20.8 billion recorded in 2021. Union Bank of the Philippines’ income contribution to AEV in 2022 was flat at P6.3 billion. On a stand-alone basis, UnionBank and its subsidiaries recorded net income of P12.7 billion in 2022, which is also flat YoY. AEV’s non-listed real estate businesses Aboitiz Land, Inc., and its subsidiaries, and Lima Land, Inc. reported a consolidated a flat net income of P2.6 billion in 2022. AboitizLand contributed P4.0 billion in revenues for 2022, 23 percent higher than revenue contributions in 2021. AEV’s non-listed food subsidiaries’ income contribution to AEV amounted to a loss of P14 million in 2022, 101 percent lower than the P2.0 billion recorded in 2021. Republic Cement & Building Materials, Inc.’s income contribution to AEV in 2022 amounted to a loss of P323 million, 121 percent lower than the P1.6 billion income recorded in 2021. This was due to lower market demand for cement caused by the pre-election construction ban and post-election transition, global commodity price increase of steel, other construction materials and higher input costs of fuel and electricity.