Backed by a P140-billion capital, infrastructure conglomerate Metro Pacific Investments Corp., or MPIC, is bullish on sustaining a double-digit profit growth this year after consolidated net income reached an all-time high in 2023 — the same year it voluntarily delisted from the local bourse.

At a press briefing on Wednesday, MPIC chief finance officer Chaye Cabal-Revilla announced consolidated net income last year ballooned by a whopping 90 percent to a “highest-ever” P19.9 billion in 2023, from P10.5 billion last year.

MPIC’s holdings reported improved financial and operating results, leading to a record-high contribution from operations at P24.5 billion, which represented a 29 percent increase.

Cabal-Revilla noted that the rosy numbers were primarily driven by the robust performance of the power generation business and increased water tariffs at the water concession.

Meralco contributes P15B

Among the company’s core businesses, power, through Manila Electric Co., or Meralco, contributed the most, accounting for 62 percent of net operating income at P15.2 billion.

Toll roads, through Metro Pacific Tollways Corp., and water, through Maynilad Water Services Inc., also contributed significantly — generating P5.8 billion and P4.4 billion, respectively.

Furthermore, core net income experienced a substantial growth of 38 percent, reaching P19.5 billion compared to P14.2 billion in 2022.

“All of our core business segments performed consistently well in 2023. Meralco’s power generation business is becoming a steady contributor to its growth with promising expansion opportunities in the pipeline.

Traffic on our toll roads under MPTC is rising by double digits and Maynilad is benefiting from the catch-up of delayed tariff increases,” MPIC chairman, president, and CEO Manuel V. Pangilinan said.

Looking ahead, Pangilinan said MPIC will “work hard” to make 2024 another banner year for MPIC.

MPIC owns 47.5 percent of Manila Meralco, 99.9 percent of Metro Pacific Tollways Corp., 52.8 percent of Maynilad Water Services Inc., 20 percent of Metro Pacific Health Corp. and other assets.