Aboitiz Power Corporation recorded Php 17.8 billion in net income for the first half of 2023, following fresh contributions from GNPower Dinginin Ltd. Co. (GNPD) and higher availability in its portfolio.
In a disclosure to the Philippine Stock Exchange (PSE), the company said its net income registered a 79% increase from the Php 10 billion recorded in the same period in 2022.
“The Company had an exceptional performance in the first six months of 2023, driven by fresh contributions of our strategic investments and operational excellence outcomes. We remain on track toward achieving a 50:50 balanced mix portfolio by 2030 and continue to focus on providing reliable and innovative power while adapting to dynamic market conditions,” Aboitiz Power president and CEO Emmanual Rubio said in a statement.
Aboitiz Power’s generation and retail supply business recorded Php 30.2 billion in earnings before interest, taxes, depreciation, and amortization (EBITDA), a 31% increase from the Php 23.1 billion recorded in the same period in 2022.
The company was able to sell 4,718 megawatts (MW) in capacity for the first half of the year, 25% higher than the previous year.
Meanwhile, Aboitiz Power recorded 17,736 gigawatt-hours (GWh) in energy sales for the period, up 29% versus 13,762 GWh in the same period in 2022.
Its distribution business, recorded Php 6 billion in EBITDA, a two-fold increase from the Php 3 billion recorded in the same period last 2022. Energy sales from residential, commercial, and industrial consumers jumped seven percent to 2,983 GWh in the first half of the year.
“We envision a future of continued success in achieving our corporate objectives, where AboitizPower is recognized as a driving force in the country’s energy sector, delivering sustainable growth and substantial returns to our investors,” Rubio said.