Aboitiz Power Corporation is reporting a 2% increase in the firm’s net income to Php 27.3 billion for the first nine months of 2024, compared to the Php 26.7 billion recorded during the same period in 2023.

In a disclosure to the Philippine Stock Exchange (PSE), this increase can be attributed to stronger margins in the company’s power generation portfolio, coupled with contributions from the operational capacities of the 159 megawatt (MW) Laoag Solar Plant and the 94 MW Cayanga Solar Plant.

Additionally, AboitizPower had a year-on-year increase of about 12% in its beneficial Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA), totaling Php 56.1 billion for the first nine months of the year, ending September 30.

The boost in beneficial EBITDA was due to heightened retail volume and increased energy sales from the Distribution Utility. This upward trend continued into the third quarter of 2024, with beneficial EBITDA climbing to Php 19.8 billion, marking a 19% increase from Php 16.6 billion in the corresponding quarter of 2023.

AboitizPower achieved a notable 11% growth in beneficial EBITDA from its generation and retail supply segments, climbing from Php 46 billion to Php 50.9 billion this year, driven by the activation of the Cayanga and Laoag solar plants.

Additionally, the firm reported sales of around 26,910 gigawatt hours (GWh), reflecting a 2% year-on-year increase.

In the last nine months, AboitizPower’s consolidated assets grew to Php 497.3 billion, reflecting a modest rise from Php 487 billion the previous year. 

The firm also reported total cash and cash equivalents of Php 59.2 billion, alongside total consolidated interest-bearing liabilities of Php 240.1 billion.