LUMALAGONG NEGOSYO: AboitizPower logs 6% income increase in 2018

AboitizPower IPO

AboitizPower reported a net income of P 21.7 billion for 2018, 6 percent higher compared to the previous year’s earnings of P 20.4 billion.

At least P2.1 billion was recorded as non-recurring losses, without which would make the core net income for 2018 P23.8 billion. AboitizPower’s consolidated earnings would be P51.5 billion before interest, tax, depreciation, and amortization (EBITDA), 8 percent higher compared to the P47.7 billion in 2017.

“We were able to sustain our growth with the entry of new capacities from our baseload power plant in Pagbilao, as well as our hydro plant in Manolo Fortich, Bukidnon and our efforts to continuously improve the availability and reliability of our generation assets,” Emmanuel V. Rubio, AboitizPower Chief Operating Officer, said.

In terms generation and retail electricity supply, AboitizPower has a consolidated EBITDA of P43 billion in 2018, 8 percent higher than the P39.7 billion in the previous year. Performance was primarily driven by the fresh contributions from Pagbilao Energy Corporation (PEC) and Hedcor Bukidnon, Inc.

Capacity sold decreased with 3,152 MW in 2018 compared to 3,167 MW in 2017.

“With our increased economic stake in the GNPower Mariveles and Dinginin projects, we are confident that we will surpass our target of 4,000 MW net attributable capacity by 2020. These growth opportunities are all driven by our commitment to balance the needs of our customers in terms of the reliability, cost-efficiency, and environmental sustainability of the country’s power supply,” Rubio said.

Meanwhile, consolidated EBITDA for distribution business reached P8.2 billion, 6 percent higher than the previous year’s P7.8 billion.

Energy sales also increase to 5,540 gigawatt-hours (GWh), 5 percent higher than the 5, 288 GWh in 2017, which was the result of increased consumption levels across all customer segments.

“Our distribution business also continues to expand as we deliver world-class service to our close to one million customers within our growing franchise areas and emerging economic zones,” Rubio said.