Following an increase in electricity production, Aboitiz Power Corporation recorded a 4% increase in net income in the first quarter, reaching Php 7.9 billion from Php 7.5 billion in the same period last year.
In a statement, AboitizPower president and CEO Emmanuel Rubio shared his confidence in the firm’s sturdy performance in the first quarter of 2024, which was a continuation of the successes in 2023.
The chief executive added that this momentum demonstrated how well the company’s investments and expansion plans have succeeded.
According to AboitizPower, after deducting non-recurring items, its core net income jumped by 3% to Php 7.8 billion for the three months, up from Php 7.6 billion in the same period the previous year.
Furthermore, the energy sold by the generation and retail electricity supplier segments rose to 1%, from 8,725 gigawatt hours (GWh) to 8,812 GWh.
In contrast, the segments’ first-quarter earnings before interest, taxes, depreciation, and amortization (EBITDA) is Php 13.8 billion, compared to Php 13.1 billion last year.
Moreover, its distribution business also soared by 9%, from 1,404 GWh to 1,526 GWh due to an increase in demand as a result of the El Niño phenomenon.
The company had also reported an 11% drop in EBITDA to Php 2.6 billion due to advantageous timing in pass-through expenses that were recorded in 2023 as a result of falling fuel prices.
This year, AboitizPower and its partners dedicated Php 73 billion towards its capital expenditures, which is twice more than the Php 26 billion in 2023.
