Razon-led Manila Water Co. reported a 15 percent increase in its net income for the first half of 2025, from ₱6.9 billion to ₱7.9 billion, driven by strong performances from its domestic and international businesses.

In a disclosure to the Philippine Stock Exchange on Friday, Aug. 8, the water firm noted that its East Zone and Non-East Zone (NEZ) concessions were the primary drivers of the double-digit spike recorded in January to June.

In the East Zone business, revenues climbed 11 percent to ₱16 billion, which was bolstered by a rate rebasing tariff adjustment implemented in January. This increase was also supported by the Metropolitan Waterworks and Sewerage System (MWSS) approval of a ₱0.04 per cubic meter tariff increase as part of the foreign currency differential adjustment for the second quarter.

The overall net income from Manila Water’s businesses across the country posted a 12 percent growth to ₱852 million, driven by strong contributions from key business units like Clark Water, Boracay Water, Cebu Water, and Estate Water. These performances, combined with an eight percent increase in total billed volume, boosted the company’s revenues to ₱4.7 billion.

The company's international business also registered an improvement, with its equity share in net income rising by 15 percent to ₱46 million. This was attributed to the improved performance of its Thu Duc Water business in Vietnam and its IWP2 management contract in the Eastern Cluster of the Kingdom of Saudi Arabia.

Manila Water’s capital expenditures (CAPEX) for the first six months of the year stood at ₱11 billion, with 86 percent, or ₱9.3 billion, of this budget allocated to the East Zone concession.

A significant development during this period was the full acquisition of WawaJVCo from Prime Infrastructure, Inc. in June. This deal is expected to provide financial benefits and augment the water supply from the Angat Dam, thereby lessening future supply risks.

The WawaJVCo bulk water supply project has the capacity to produce up to 712 million liters per day (MLD).

Jocot de Dios, Manila Water president and chief executive officer, said that this acquisition would ensure a consistent source of water for the company's service areas. 
“Equally important, it enables us to establish an integrated approach to water distribution across our network, resulting in better levels of efficiency and reliability in our operations,” he added.

He noted that the company recognizes the value of the resource it stewards and the importance of the service it provides.

“We readily accept this responsibility, and we will continue our efforts to support future growth and expand service coverage to underserved areas for many years to come,” he said.