Synergy Grid and Development Philippines Inc., the holding company of the National Grid Corporation of the Philippines (NGCP), has registered a net income of Php 28.679 billion for the first nine months, a huge jump from the Php 18.283 billion from the same period last year.
The company’s operation service revenues for the third quarter are at Php 48.67 billion, a 33.89% jump from last year’s Php 36.35 billion. This is due to a higher interim maximum annual revenue (iMAR) as approved by the Energy Regulatory Commission (ERC) which is reflected as adjustments in pass-on tariff on NGCP since 2020.
Synergy Grid’s interest income also jumped 169.25% to Php 117.96 million for the first nine months “due to interest earned on the placement of follow-on offering (FOO) proceeds prior to investment on preferred shares of NGCP.”
SGP conducted a Follow-On Public Offering in November 2021 to disperse at least 20% of its capital stock to the public.
Back in June, the ERC approved Synergy Grid’s acquisition of NGCP’s outstanding capital shock.
NGCP is the operator of the country’s power transmission lines. Recently, Synergy Grid boosted the firm’s capital expenditure program through a Php 12.24 billion share subscription.