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Manila Bulletin devider Business devider AboitizPower's earnings surge 27% on strong generation, distribution

AboitizPower's earnings surge 27% on strong generation, distribution

In 2023

Published Mar 5, 2024 06:55 am

Aboitiz Power Corp. (AboitizPower) posted a significant rise in profit last year, buoyed by the strong performance of its generation and distribution businesses.

In a disclosure to the Philippine Stock Exchange, AboitizPower reported that its net income from January to December 2023 grew by 27 percent to P33.1 billion from P26 billion in the previous year.

“The increase was primarily due to fresh contributions from GNPower Dinginin Ltd. Co. (Philippines) (GNPD) and higher availability across the Company’s generation portfolio,” AboitizPower said.

The company also reported a 29 percent growth in its core net income, reaching P32 billion compared to P24.8 billion in the previous year.

However, in the fourth quarter alone, AboitizPower registered a 20 percent decline in core net income to 5.2 billion, attributed to reduced prices in the Wholesale Electricity Spot Market.

The company's profit for the period from October to December was P6.4 billion, showing a two percent decrease compared to the same period last year.

“AboitizPower is pleased to share that we had a strong financial performance in 2023, especially considering ongoing market challenges. This achievement further strengthens our position as a leader in the industry,” Emmanuel V. Rubio, AboitizPower president and chief executive officer said. 

“We are steadfast in our pursuit of sustainability, and you can see that in our ongoing clean energy investments, ESG ratings, and corporate governance awards,” he added.

Looking ahead, Rubio said that AboitizPower will continue to focus on sustainable growth through strategic investments, operational efficiency improvements, and fostering strong partnerships.

In 2023, AboitizPower's generation and retail supply business achieved an Earnings before interest, taxes, depreciation, and amortization (EBITDA) of P61.3 billion, 20 percent higher than the P51.2 billion recorded in 2022.

Energy sales volume last year improved 17 percent to 35,372 gigawatt-hours (GWh) compared to 30,251 GWh in 2022.

Throughout 2023, AboitizPower's distribution business generated an EBITDA of P8.7 billion, which was eight percent higher than the P8 billion reported a year earlier. 

Energy sales climbed by six percent to 6,157 GWh in 2023 from 5,785 GWh in 2022.

Moreover, energy sales from the residential customer segment increased by eight percent, while commercial and industrial energy sales saw a six percent rise, driven by the recovery in demand in areas affected by Typhoon Odette and a resurgence of energy sales to pre-pandemic levels.

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