Aboitiz Power Corporation (AboitizPower) closed 2024 with a 2% increase in net income, reaching ₱33.9 billion, driven by higher margins from power generation, strong electricity demand, and growth in its renewable energy portfolio.
The company, in a disclosure to the Philippine Stock Exchange, said its core net income still rose by 5% to ₱33.7 billion, despite higher depreciation and interest expenses from GNPower Dinginin Ltd. Co. (GNPD) Units 1 and 2.
AboitizPower’s Generation and Retail Supply segment saw a 11% rise in EBITDA, climbing to ₱66.7 billion in 2024 from ₱59.9 billion in 2023. The increase was largely attributed to higher portfolio margins and the contribution of new renewable energy capacity, including the 159 megawatt-peak (MWp) Laoag Solar Plant and the 94 MWp Cayanga Solar Plant.
Energy sold remained stable at 36,004 gigawatt-hours (GWh), reflecting consistent demand despite market fluctuations. The company’s retail supply business also contributed to revenue growth, capitalizing on rising demand from industrial and commercial customers.
AboitizPower’s Distribution business, meanwhile, posted a 13% EBITDA growth, fueled by increased energy sales due to higher electricity consumption. The El Niño phenomenon, which drove up temperatures, contributed to a 13% rise in residential electricity demand and a 5% increase in commercial and industrial consumption.
As of December 31, 2024, AboitizPower’s total assets grew by 6% to ₱517.6 billion, compared to ₱487.0 billion in 2023. The company maintained a healthy financial standing, with cash and cash equivalents totaling ₱56.8 billion and interest-bearing liabilities reaching ₱243.2 billion.
AboitizPower’s net-debt-to-equity ratio improved to 0.8x, down from 0.9x in 2023, reflecting disciplined financial management and strategic capital deployment.
Looking ahead, AboitizPower is expected to continue investing in renewable energy expansion while maintaining its market leadership in power generation and distribution. The company remains focused on balancing financial growth with sustainability goals, aligning with the Philippine government’s target of increasing renewable energy’s share to 35% by 2030 and 50% by 2040.
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