The Manila Electric Co. (Meralco), the country’s largest power distributor, charged into 2024 with unprecedented momentum, delivering a record-breaking P45.1 billion in consolidated core net income—solid proof that its bullish forecast was right on the money. 

The 22 percent year-on-year surge also exceeded its P40-billion profit guidance, fueled by robust growth across its key business segments.  

Meralco’s distribution utilities remained the bedrock of its earnings, contributing 62 percent, while power generation accounted for 24 percent. Meanwhile, the company’s push into renewable energy and non-power ventures proved increasingly vital, making up 14 percent of total earnings.

“2024 was another year of record results for Meralco. We remain dedicated to our integrated strategy, focusing on a customer-centric distribution utility. 

Quite apart from the conventional view of profits and positive cash flows, our commitment to reliable service, affordable energy, and customer centricity also drives shareholder value,” said Meralco chairman and chief executive officer Manuel V. Pangilinan during a media briefing on Monday.  

Meralco’s unregulated business also flexed its strength, posting a 38 percent share of the consolidated core net income, powered by the steady expansion of Meralco PowerGen Corp. and the rapid growth of its renewable energy subsidiaries, further cementing its position as a major player in the clean energy transition. 

With commercial and residential demand remaining strong, the unregulated segment contributed 62 percent of overall earnings.  

Revenue-wise, Meralco continued its upward trajectory, with gross revenues climbing 6 percent to P470.362 billion from P443.613 billion. 

Meanwhile, costs and expenses rose at a slower 4 percent pace to P425.329 billion, underscoring disciplined financial management even amid rising operational demands.  

Looking ahead, Pangilinan said the company is targeting a 10 percent growth this year, aiming to reach P49.6 billion or even P50 billion in profits.

“The double digit percentage that I could say is 10 percent, but to be precise, we would be at P49.6 billion. I’m encouraging management to achieve something this 50 billion round up, you know,” he said. 

Beyond the numbers, Meralco’s impact remains widespread. The company continues to power homes and businesses across Metro Manila, Bulacan, Cavite, and Rizal, as well as parts of Batangas, Laguna, Pampanga, and Quezon. 

Its subsidiaries and associates, including Vantage Energy Solutions and MeridianX Inc., are also expanding their footprint as key retail electricity suppliers in Luzon and the Visayas.