Daily Tribune‘Looking ahead, we’re excited about the new growth drivers emerging this quarter. By leveraging these opportunities, we remain confident in our ability to unlock shared success for all our stakeholders’
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Driven by a higher generation portfolio margin, Aboitiz Power Corp. raked in a net income of P7.9 billion in the first quarter, representing a slight increase of four percent compared to P7.5 billion during the same period in 2023.
Based on its financial report released on Monday, AboitizPower’s core net income, without non-recurring items, also inched up by three percent to P7.8 billion from P7.6 billion year-on-year.
From January to March, AboitizPower’s generation and retail electricity supplier segments sold 8,812-gigawatt hours (GWh) of energy, which was only one percent higher than the 8,725 GWh sold a year ago.
Meanwhile, the company’s distribution business increased its energy sales by nine percent to 1,526 GWh from 1,404 GWh as demand grew higher due to the El Niño phenomenon.
Strong performance
“AboitizPower continued its strong performance in the first quarter of 2024, building on its successful 2023. This momentum reflects the effectiveness of our investments and growth strategies, which further reinforces our dedication to providing reliable, affordable, and sustainable power while driving the nation’s development,” said AboitizPower president and chief executive officer Emmanuel V. Rubio.
In 2023, AboitizPower reported a full-year net income of P33.1 billion or 27 percent higher than the P26 billion recorded the previous year. Its core net income increased by 29 percent to P32 billion from P24.8 billion during the same period in 2022.
For 2024, AboitizPower and partners are allocating P73 billion for capital expenditures, which is more than double 2023’s P26 billion.
New growth drivers
“Looking ahead, we’re excited about the new growth drivers emerging this quarter. By leveraging these opportunities, we remain confident in our ability to unlock shared success for all our stakeholders,” Rubio said.
AboitizPower power has been expanding its total capacity in phases, the first of which targets to generate 1,200 MW of new capacities. On the second phase, the company plans to add another 1,700 MW of new solar and wind power.
Aligned with the Philippine government’s targets, AboitizPower aims to build 3,700 MW of new clean energy capacity to achieve its goal of having a 4,600-MW portfolio by 2030.
