Aboitiz Power Corp. reported a net income of P27.3 billion for the first nine months of the year, representing a modest 2 percent increase from P26.7 billion in the same period a year ago due to a higher generation portfolio margin.

The company’s core net income, excluding forex and derivative gains, rose 3 percent to P27.2 billion from P26.7 billion year-on-year, its financial report released Thursday showed.

From January to September, AboitizPower’s generation and retail electricity supplier segments sold 26,910 gigawatt-hours (GWh) of energy.

8% sales growth

The distribution business saw an 8 percent increase in energy sales, reaching 4,939 GWh from 4,569 GWh last year, driven by higher demand due to the El Niño phenomenon.

Sales from Residential, Commercial, and Industrial customers grew by 14 percent and 5 percent, respectively.

As of the end of September, AboitizPower’s consolidated assets reached P497.3 billion, a 2 percent increase from P487 billion at the end of 2023.

The company held P59.2 billion in cash, with interest-bearing liabilities at P240.1 billion. Equity attributable to the parent stood at P193.7 billion. Compared to year-end 2023, the company’s current ratio and net-debt-to-equity ratio remained steady at 1.8x and 0.9x, respectively.

For the full-year 2023, AboitizPower posted a net income of P33.1 billion, a 27 percent increase from the P26 billion in 2022. Its core net income also climbed 29 percent to P32 billion from P24.8 billion.