Riding on the growing economy, Manila Electric Co. (Meralco),  the country’s largest power distributor, is on track to achieve a record 2024 with profits expected to exceed P43 billion.

In its latest financial report, Meralco disclosed a nine-month consolidated core net income of P35.1 billion, a 17 percent increase from P30 billion in the same period last year. Consolidated reported net income also rose by 19 percent to P33.8 billion from last year’s P28.4 billion.

Meralco credited the growth to steady energy sales and strong performance across its power generation and retail sectors, fueled by sustained demand. 

Meralco’s financial report revealed consolidated revenues of P355.4 billion from January to September, a 6 percent increase over last year’s P335.2 billion. 

During the same period, the average retail rate dropped by 0.6 percent to P10.44 per kilowatt-hour (kWh) from P10.52 per kWh year-on-year.

“Based on the strength of Meralco’s financial and operating results for the nine months accompanied by a continuing positive outlook, we expect to exceed the P43-billion profit guidance we set out in the first half, paving the way for another year of record earnings,” said Meralco chairman and CEO Manuel V. Pangilinan. 

Credit upgrade means stability

“The recent credit rating upgrade from S&P Global reinforces our commitment to maintain financial stability, while strategically growing our businesses in alignment with our long-term objectives,” he added.

Looking ahead, Pangilinan said the company is ready to chart through another profitable year in 2025 from organic growth and contributions from our new investments.

Capital expenditures for the first three quarters totaled P26 billion, primarily allocated to distribution network projects, including new customer connections, asset renewals and load growth initiatives. 

Additional spending supported the development of solar power plants and infrastructure for Meralco’s telecom tower business.

By the end of September, Meralco’s customer base had grown to 7.99 million, up 3 percent from 7.7 million last year. The company anticipates reaching its 8 millionth customer milestone by next month.