Aboitiz Power Corporation recorded a 4% decline in its net income for the first half of 2024 at Php 17.1 billion, due to the depreciation and interest for its GNPower Dinginin Ltd. Co. (GNPD) Units 1 and 2.
Nevertheless, the firm experienced an 8% year-on-year increase in beneficial Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA), reaching Php 36.3 billion for the first half of 2024.
“Our financial performance in the first half of 2024 is a testament to our strategic focus on operational efficiency and adaptability to market conditions,” says AboitizPower President and CEO Danel C. Aboitiz.
In a disclosure to the Philippines Stock Exchange, AboitizPower says that this growth was driven by an increase in the generation portfolio margins and energization of the Cayanga and Laoag solar plants.
Additionally, in the second quarter, EBITDA saw a 6% growth, to Php 19.9 billion, compared to Php 18.7 billion in the same period in 2023.
“The growth in EBITDA, fueled by improved margins and strategic business expansion, positions us for continued success in support of the country’s economic growth and prosperity,” Aboitiz added.
AboitizPower’s distribution business beneficial EBITDA also hit Php 4.2 billion, 16% lower than that of the same period at Php 5.0 billion. This was due to the scheduling of pass-through charges owing to the substantial decrease in fuel prices in that year.
In the first half of 2024, energy sales surged by 9% to 3,256 gigawatt hours (GWh) from 2,983 GWh in the same period in 2023.
This growth was attributed to increased demand spurred by the El Nino phenomenon. Notably, sales to Residential, Commercial, and Industrial customers saw year-on-year increases of 17% and 6%, respectively.
As of June 2024, AboitizPower’s total consolidated assets had grown to Php 503.4 billion, a 3% rise from Php 487.0 billion recorded at the close of 2023.
