The Aboitiz Power Corporation recorded a net income of Php 27.5 billion in 2022, a 32% jump from the Php 20.8 billion recorded in 2021.
In a disclosure to the Philippine Stock Exchange, Aboitiz Power said that the increase was due to the fresh contributions of GNPower Dinginin Ltd. Co. and higher availability across the company’s portfolio, gains from commodity hedges, and higher water inflows.
“Our pursuit of delivering reliable and sustainable power to our customers and our strategic investments in renewable energy have enabled us to remain resilient and adapt to changing market conditions,” AboitizPower president and CEO Emmanuel Rubio said in a statement.
AboitizPower’s generation and retail supply business recorded Php 51.2 billion in Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) for 2022, which is 18% higher than the previous year.
AboitizPower sold 4,034 megawatts (MW) in capacity in 2022, a seven percent increase from the previous year.
The company’s distribution business, meanwhile, recorded Php 8 billion in EBITDA, six percent higher than the previous year. Its energy sales also rose four percent to 5,785 gigawatt-hours as commercial and industrial energy sales went up amid recovering demand.
“As we move forward, we will continue to focus on expanding our renewable energy portfolio and leveraging digital technologies to enhance our operations and customer service,” Rubio said.