Manila Electric Company (MERALCO) closed 2024 with strong financial growth, prompting Chairman Manny V. Pangilinan to set an ambitious target of at least Php 50 billion in profit for 2025.
“The lowest double digit that I could say, to be precise, would be Php 49.6 billion. Of course, I’m encouraging the management to achieve something, at least Php 50 billion,” Pangilinan said.
The MERALCO Chairman added that MERALCO is set to drive sustained growth by expanding MGEN’s power generation portfolio and optimizing operational efficiency across its distribution utilities and non-power subsidiaries.
MERALCO’s Consolidated Core Net Income (CCNI) surged by 22%, reaching Php 45.14 billion from Php 37.11 billion in 2023.
The company’s reported income also rose by 21% to Php 45.9 billion from Php 38.02 billion the previous year.
MERALCO’s capital expenditure (CAPEX) jumped 52% to Php 44.71 billion, driven by new connections, asset renewals, and infrastructure projects, including government pole relocation efforts.
Significant investments in renewable energy also contributed to CAPEX growth, particularly in the MTerra Solar power plant and three additional solar projects: the 12.6 MWac Baras solar project, the 52.8 MWac Greenergy project, and the 19.8 MWac Greentech Bongabon project.
Gross revenue increased by 6%, reaching Php 470.36 billion from Php 443.61 billion in 2023.
Meanwhile, core EBITDA climbed 16% to Php 74.95 billion, up from Php 64.37 billion the previous year.
Beyond business expansion, the company is also deepening its social impact, focusing on supporting remote communities and strengthening key industries that fuel local economies. These efforts underscore MERALCO’s role as a key partner in national development, ensuring both energy progress and inclusive growth.
With MERALCO surpassing its 2024 financial targets, Pangilinan’s new goal challenges the company to push further growth in the coming year.
Do you think MERALCO’s aggressive expansion will lead to more affordable electricity for consumers? Engage in powerful discussions at Power Philippines.
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