The Aboitiz Power Corporation registered a two percent drop in its net income for the first half of 2022 to Php 10 billion versus the Php 10.1 billion recorded in the same period last year.
In a disclosure to the Philippine Stock Exchange (PSE), AboitizPower attributed the loss to the impact of liquidated damages, business interruption claims, and the effects of Typhoon Odette.
The company’s generation and retail supply business recorded earnings before interest, taxes, depreciation, and amortization (EBITDA) worth Php 23.1 billion, which is 13% higher than last year’s Php20.5 billion. This was due to the fresh contributions from GNPower Dinginin Ltd. Co Unit 1 and 2, and higher availability from the GNPower Mariveles Energy Center Ltd. facility.
Aboitiz Power was able to sell 3,785 megawatts (MW) in capacity for the first half of 2022, a five percent jump from the 3,600 MW sold last year.
“We have seen an increase in peak demand in the Luzon and Visayas grids during the first half of 2022, exceeding levels from the past three years, including 2019, which was a pre-pandemic year,” AboitizPower president and CEO Emmanual Rubio said in a statement.
Meanwhile, AboitizPower’s distribution business registered an EBIDTA of Php 3 billion, 27% lower than last year’s Php 4.1 billion due to delated pass-through of higher generation charges. While the distribution arm was able to sell 2,778 gigawatt-hours (GWh) in the first half of the year, sales from the residential segment declined by one percent due to lower consumption amid cooler weather and the onslaught of Typhoon Odette.
“We are optimistic that we will be able to maintain our high plant availability performance throughout the rest of the year, given the increasing economic activity across the country. AboitizPower remains firm in our mission of providing energy supply that is reliable, affordable, and sustainable while empowering the nation towards a better future,” Rubio said.