Razon-led Manila Water Co. saw its net income jump 88 percent to P10.5 billion in 2024, driven by strong growth in the East Zone Concession and higher earnings from its Non-East Zone Philippines (NEZ PH) businesses. 

“The solid foundation laid in recent years allowed us to achieve remarkable results in 2024,” Manila Water President and CEO Jocot de Dios said on Monday. 

“I am particularly buoyed by the solid growth of our Non-East Zone businesses, which more than tripled earnings to surpass the P2.0 billion mark. We will continue to improve services, drive operational efficiencies, and create more value for our shareholders and stakeholders.”

Based on the company’s latest financial report, its EBITDA, another key measure of profitability, hit a record P25.9 billion, with the margin improving to 71 percent.  

Excluding non-recurring items, core net income rose 48 percent to P14.2 billion, while total revenues grew 19 percent to P36.6 billion, supported by higher billed volume and tariff adjustments. Costs remained controlled at P11.8 billion.  

East Zone revenues climbed 20 percent to P28.8 billion, benefiting from tariff adjustments and steady consumption growth. 

NEZ PH earnings more than tripled to P2.3 billion, driven by higher billed volume and stronger contributions from key units. Manila Water International saw lower returns from its investments in Thailand and Vietnam and is reviewing its global portfolio.  

Capital spending reached P26.3 billion, with the East Zone accounting for most of it. Manila Water also sold its Bulacan businesses, generating P894 million, and recognized P4.5 billion in impairment provisions for its investments in Thailand and Vietnam.