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Manila Bulletin devider Business devider The Stock Market devider AboitizPower profit dips 4% to P17 billion

AboitizPower profit dips 4% to P17 billion

Published Jul 23, 2024 07:45 am

Aboitiz Power Corporation reported a four percent dip in net income to P17.1 billion in the first half of 2024 from the P17.8 billion earned in the same period last year.

In a disclosure to the Philippine Stock Exchange (PSE), the firm said the decline in profit is due to the recognition of depreciation and interest for subsidiary GNPower Dinginin Ltd. Co.’s (GNPD) Unit 1 and Unit 2.

AboitizPower’s beneficial earnings before interest, taxes, depreciation, and amortization (EBITDA) grew by eight percent year-on-year to P36.3 billion for the first half of 2024, driven by higher generation portfolio margins. 

This also resulted in growth in beneficial EBITDA for the second quarter of 2024 at P19.9 billion, six percent higher than the P18.7 billion beneficial EBITDA in the same period in 2023.

Excluding forex and derivative gains, the core net income for the first half of 2024 would be P17.1 billion, compared to ₱17.8 billion in the same period last year.

“Our financial performance in the first half of 2024 is a testament to our strategic focus on operational efficiency and adaptability to market conditions,” AboitizPower President and CEO Danel C. Aboitiz said.

He noted that “the growth in EBITDA, fueled by improved margins and strategic business expansion, positions us for continued success in support of the country’s economic growth and prosperity.”

AboitizPower’s generation and retail supply business beneficial EBITDA in the first half of 2024 was P33 billion, 10 percent higher than the P30 billion in the same period in 2023. 

This was driven by higher portfolio margins and energization of the company’s Cayanga and Laoag solar plants. Energy sold for the first half of 2024 was at 17,758 gigawatt-hours (GWh).

During the first half of 2024, AboitizPower’s distribution business beneficial EBITDA was P4.2 billion. 

This is 16 percent lower than the P5 billion in the same period in 2023, which was mainly the result of the favorable timing of pass through charges due to the steep decline in fuel prices in that year.

However, energy sales increased by nine percent to 3,256 GWh in the first half of 2024, compared to 2,983 GWh in the same period in 2023 due to the higher demand driven by the effect of the El Niño phenomenon. 

Energy sales from Residential, Commercial and Industrial customers increased by 17 percent and six percent year-on-year, respectively.

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Danel Aboitiz Aboitiz Power Corporation
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