The Aboitiz Equity Ventures (AEV), a conglomerate led by the Aboitiz family, has experienced significant growth, largely attributed to the success of its energy arm, Aboitiz Power Corp., the country's leading power producer.

To guarantee the long-term viability and success of its other businesses, AEV chief financial officer Jose Emmanuel Hilado disclosed during a media briefing on Monday that the company will focus on improving its non-power assets.

Hilado said it intends to generate at least half of the group's earnings before interest, taxes, depreciation, and amortization (EBITDA) from its nonpower-related businesses.

However, he did not disclose the timeline for when the group aims to accomplish the 50 percent EBITDA share.

EBITDA is used as an alternate factor to measure profitability to net income.

"The consumer market is where we see more opportunities simply because we have a young population and strong consumption, and this will continue to anchor our economic growth in the Philippines," Hilado told reporters.

Hilado said AEV will utilize recent business moves such as its buyout of minority stakes in Coca-Cola Beverages Philippines, Inc., or CCBPI, under a $1.8-billion cash joint venture deal with Coca-Cola Europacific Partners, as well as Union Bank of the Philippines' takeover of Citi PH's retail operations, which offers insurance and investment solutions to retail clients.

Last year, AEV'c consolidated net income declined by 2 percent to P23.5 billion from the previous year due to mixed results across its business units.

Of the total profit, 67 percent was fueled by AboitizPower.

AboitizPower posted a net income contribution of P17.3 billion in 2023, a 28 percent increase from P13.5 billion the previous year.

Its banking and financial services unit business, UnionBank saw a 29 percent drop in its income contribution to P4.5 billion.

Aboitiz InfraCapital, Inc. achieved a significant 26 percent increase in its net income contribution to P2.4 billion for the year 2023 due to higher land sales and lease income generated from its economic estates.

Its food businesses including Pilmico Foods Corp., Pilmico Animal Nutrition Corp., and Pilmico International Pte. Ltd. contributed P1.3 billion to the group's net income in 2023 — a reversal from the P14 million loss in 2022.

Meanwhile, AEV's real estate businesses, comprising Aboitiz Land, Inc. and its subsidiaries, logged a 19 percent growth in consolidated net income to P1 billion in 2023.

Meanwhile, Mactan-Cebu International Airport, operated by Aboitiz Infracapital GMR Megawide Cebu Airport Corp., secured a Level 1 airport carbon accreditation from the Airports International Council, the first in the country to secure the distinction.