Newly listed West Zone water concessionaire Maynilad Water Services Inc. said that its net income grew by double-digits in the third quarter on the back of higher revenues and improved cash operating expenses (OPEX).

In a statement on Thursday, Nov. 13, the company said its core net income for the July-to-September period increased 18 percent to ₱11.4 billion. Revenue posted a 9.5 percent increase to ₱27.7 billion due to the tariff increase implemented in January and a 25 percent environmental charge.

While Maynilad reported financial progress, the expansion was slightly offset by a 1.1 percent decline in billed volume. The company attributed this drop to the closure of several large commercial accounts, including some Philippine Offshore Gaming Operations (POGOs).

Its interim cash position as of the end of September was ₱162 billion. The company noted that this figure “represents the cumulative investments that Maynilad has made in the concession since 2007 that have not yet been recovered.”

Maynilad President and Chief Executive Officer Ramoncito S. Fernandez stated that ongoing service projects and infrastructure investments would help the utility maintain its financial growth.

“Our operational gains and disciplined execution show that our fundamentals remain sound, and that we are on track with our 2025 operational and financial objectives,” he said.

The water utility is continuing system upgrades and adding new facilities as part of its 2023–2025 capital expenditure (CAPEX) program.

Key projects include the 150-million-liter-per-day (MLD) Poblacion water treatment plant and modular treatment plants in Cavite, which are expected to improve services in the southern part of Maynilad’s franchise area.

Other ongoing facilities are the 20 MLD Tunasan and 46 MLD Cupang water reclamation facilities in Muntinlupa, and the 205 MLD Camana and 180 MLD Manila North wastewater treatment plants.

“They are designed not only to meet stricter effluent standards, but also to advance resource efficiency, strengthen climate resilience, and contribute to healthier, more sustainable communities across the West Zone,” Maynilad said.

As of September, the company’s non-revenue water (NRW) level—water lost due to leaks, theft, or metering issues—dropped from 39.3 percent to 32.8 percent.

Maynilad also noted that 97.8 percent of its customers now receive a 24-hour water supply, providing services to more than 10 million residents in Metro Manila and Cavite.

“Following its successful ₱34.34-billion initial public offering (IPO) and listing on the Philippine Stock Exchange on Nov. 7, 2025, Maynilad reaffirmed its commitment to sustain investments that strengthen operational efficiency, environmental sustainability, and long-term value for all stakeholders,” it concluded.