The Manila Electric Company (Meralco) logged a consolidated core net income of P18.5 billion, which is 11 percent higher than last year’s P16.7 billion for the first nine months of 2019.
This is due to the overall increase in energy sales volume. Residential sales volume grew at eight percent, commercial sales volume at 6 percent, and industrial energy sales volume at five percent.
Some of the factors that contributed to the growth of the energy sales in the first nine months of the year were higher temperature recorded, declination of the inflation rate, and a relatively optimistic consumers’s outlook.
Meanwhile, the power distribution firm’s EBITDA as of September stood at P29.8 billion, which is 12 percent higher than 2018.
Meralco has also doubled its efforts to achieve its goal of full-electrification in its franchise areas by 2020. The power distribution firm is focused on the underserved and unserved areas in Metro Manila and Batangas.
As of now, around additional 38 sites were energized.
Other company efforts include solar installations and e-vehicle development routes and shuttle services for contained communities.
“There is no doubt that Meralco has performed responsively in respect of its franchise mandate to provide power at least cost, while maintaining highly reliable and resilient facilities. With the combined efforts of the entire organization and our subsidiaries, we expect to end 2019 with Consolidated Core Net Income of over P23 billion,” Meralco Chairman Manuel V. Pangilinan said.
“However, the Meralco of today faces new complexities bearing not only on its core power businesses but also on climate, water, and environment. At Meralco, corporate social responsibility already embraces the new Environmental, Social and Governance standards. As revised by social advocates, the mantra is now “People, Planet, and Profit”, likely in that order as well. Sustainability ranks high within and remains a commitment of Meralco, as does Profit with a Purpose. Elimination of single use plastics and the One for Trees programs aim to jumpstart our sustainability strategies,” Pangilinan added.