With the robust financial performance of its power generation and retail electricity supply (RES) portfolios, the consolidated core net income of Manila Electric Company (Meralco) rose 47 percent to a record high of P19.205 billion in the first half of this year versus P13.088 billion in the same period in 2022. Meralco Chief Financial Officer Betty Siy-Yap said the company’s reported net income climbed 36 percent to P17.853 billion from P13.121 billion in a comparative six-month stretch last year. She qualified that the core earnings per share registered by the utility firm had been at P10.039 while reported earnings stood at P15.840 per share. The highly favorable bottom line posted by the company within the first semester, according to Yap, precipitated the declaration of interim cash dividends amounting to P8.520 per share that shall be paid to the firm’s shareholders as of record date August 30, 2023. The dividend payout will be 50 percent of core earnings per share. Meralco Chairman and CEO Manuel V. Pangilinan indicated that the company’s income this year will likely track record high, but he cautioned that sales in the second half of the year may soften given the change in weather patterns, as well as the scheduled maintenance shutdown of the San Buenaventura power plant of its subsidiary MGen Global Business Power. The company’s energy sales growth within the January-June stretch had been at three percent, buoyed mainly by the higher temperatures in the second quarter as well as the post-pandemic rebound of the Philippine economy. On the whole though, he specified that “considering Meralco’s operational and financial performance in the first half of the year, it is reasonable for Meralco to show record sales and earnings for the full year 2023.” He emphasized that beyond the financial outcome of its distribution business, “we have always considered the expansion of our power and non-power subsidiaries as important growth pillars for Meralco.” Relative to the group’s electric generating assets, biggest income contributor within the financial review period had been its Pacific Light subsidiary at P8.9 billion; followed by its San Buenaventura thermal facility which infused P1.7 billion; while Global Business Power posted income of P843 million; and P78 million. In view of that, Pangilinan asserted “we expect a significant boost to our bottom line this year from the power generation business in particular, which will also drive Meralco’s growth moving forward, especially as we pursue larger generation projects that will help meet the country’s growing demand for power and decarbonization goals.” Ronnie L. Aperocho, chief operating officer and executive vice president of Meralco, added “our record high sales volumes reflect strong rebound in terms of power demand.” He expounded that the company is expecting the sales expansion mode to be sustained, noting further that “we will aggressively invest in distribution network upgrades and expansion and implement more programs that will improve overall customer experience.” On the revenue front, Meralco underscored the 13-percent hike to P224.8 billion from P199.6 billion, “mainly due to the effect of higher fuel prices on pass-through charges of the distribution utilities and energy fee of the non-renewable power generation plants.” Yap also cited the depreciation of the Philippine peso against the US dollar which hit an average of P55.233 within the six-month period this year.