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Manila Bulletin devider Business devider The Stock Market devider Aboitiz Equity's earnings perked up by Coke's contribution

Aboitiz Equity's earnings perked up by Coke's contribution

Published Jul 25, 2024 05:08 am

Aboitiz Equity Ventures Inc., the investment arm of the Aboitiz family, reported a 10 percent improvement in consolidated net income to P11.5 billion for the first half of 2024 from the P10.5 billion earned in the same period last year. 

In a disclosure to the Philippine Stock Exchange, the firm said that, excluding non-recurring net gain of P83 million, the Company’s core net income for the first half of 2024 was P11.4 billion, which was 2 percent higher than the core net income of ₱11.1 billion during the corresponding period in 2023.

AEV recorded a consolidated net income of P6.6 billion for the second quarter of 2024, a 2 percent increase from the P6.5 billion reported for the second quarter of 2023. 

Excluding non-recurring net gain of P137 million, the Company’s core net income for the second quarter of 2024 was P6.4 billion, which was 1 percent lower than the core net income of P6.5 billion during the corresponding period in 2023.

Power accounted for 65 percent of the total net income contributions from AEV’s Strategic Business Units (SBU) for the first half of 2024, while Food and Beverage accounted for 20 percent.

Net income contributions from Financial Services, Real Estate, and Infrastructure SBUs were 18 percent, 3 percent, and -5 percent, respectively.

Aboitiz Power Corporation’s net income contribution to AEV for the first half of 2024 amounted to P9.1 billion, 2 percent lower than the {P9.3 billion recorded in the same period in 2023.

Net income contribution from Union Bank of the Philippines amounted to P2.5 billion for the first half of 2024. This is 23 percent lower than the P3.2 billion recorded in the same period in 2023.

Aboitiz Land, Inc. reported a consolidated net income of P445 million for the first half of 2024, 14 percent higher than the P389 million recorded in the same period in 2023. 

This was attributable to higher revenues from the newly launched phases in Pristina and Priveya in 2023, along with additional revenues from higher spot sales and more units sold for the first half of 2024.

Net income contribution from the Food and Beverage segment, which includes Pilmico Foods Corporation, Pilmico Animal Nutrition Corporation, and Pilmico International Pte. Ltd. and Coca-Cola Beverages Philippines, Inc. (CCBPI), was P2.8 billion for the first half of 2024.

This is more than 15 times higher than the P181 million recorded in the same period in 2023,  primarily driven by the Food Group’s Flour and Agribusiness divisions, which continued to benefit from stabilizing commodity prices and strategic selling prices adjustments, and fresh contributions from CCBPI, which AEV acquired on February 23, 2024.

Aboitiz InfraCapital, Inc.’s income contribution to AEV for the first half of 2024 amounted to a loss of P312 million, a reversal from the P334 million profit recorded in the same period in 2023 mainly due to higher interest expense from the increased debt availments for its expansion.

AEV’s share in Republic AEV’s share in Republic Cement & Building Materials, Inc.’s loss for the first half of 2024 amounted to P407 million. This is slightly lower than its share of losses in the same period in 2023, which amounted to P452 million. 

Although margins improved as a result of lower costs for the first half of 2024, relative to the first half of 2023, Republic Cement still incurred a loss as sales volume and selling prices still declined  due to weak market demand for cement.

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Aboitiz Equity Ventures Inc. (AEV
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