Recently-delisted conglomerate Metro Pacific Investments Corporation expects to continue posting double digit growth this year after it reported a 90 percent surge in consolidated net income to a record P19.9 billion last year from P10.5 billion in 2022.

In a media briefing, MPIC Chairman, President, and CEO Manuel V. Pangilinan said “We are working hard to make 2024 another banner year for MPIC and our operating companies on the expectation that greater private sector participation in infrastructure development will help propel our nation to higher growth in the near term and further ahead.”

Pangilinan noted that growth will be seen “across the board” among the firm’s power, water, hospitals, agriculture, and tollways businesses adding that ,this optimism is based on the subsidiaries’ performance in the first two months of the year.

MPIC Chief Finance, Risk and Sustainability Officer Chaye A. Cabal-Revilla said growth may not be as high as the 90 percent jump last year but “the trajectory of our businesses are quite good.

However, she said their power business will be challenged because is has some scheduled maintenance work for its power plants in January and February so revenues will be lower than usual.

Meanwhile Cabal-Revilla said MPIC will be allocating P140 billion for capital expenditures this year, same level as 2022, to fund the continued expansion of its various businesses.

She said the biggest share of capex will go to Manila Electric Company at P41 billion, Maynilad Water Services Inc. at P31.4 billion, and Metro Pacific Tollways Corporation at P28 billion.

Cabal-Revilla said capex will be funded by a combination of loans, asset sales, and dividends from the firm’ subsidiaries. Assets to be sold include MPIC’s stake in SP New Energy Corporation which will be sold to, and consolidated in, Manila Electric Company.

MPIC is also looking at the possible public listing for subsidiary MPTC and affiliate Maynilad which is required to undertake an initial public offering under its concession agreement.

The conglomerate reported that improved financial and operating results from its holdings delivered a 29 percent increase in contribution from operations to a record high P24.5 billion, mainly driven by the strong performance of the power generation business and higher water tariffs at the water concession.

Among the Company’s core businesses, Power had the largest contribution at P15.2 billion or 62 percent of Net Operating Income while Toll Roads and Water contributed P5.8 billion and P4.4 billion, respectively.

Core Net Income was up 38 percent to P19.5 billion from P14.2 billion in 2022.
“All of our core business segments performed consistently well in 2023. Meralco’s power generation business is becoming a steady contributor to its growth with promising expansion opportunities in the pipeline.

“Traffic on our toll roads under MPTC is rising by double digits and Maynilad is benefiting from the catch-up of delayed tariff increases,” said Pangilinan.