Aboitiz Equity Ventures Inc. (AEV) reported a 23 percent decline in profit for 2024, with net income falling to P18.1 billion from P23.5 billion in 2023.

In a stock exchange filing on Monday, the Aboitiz family’s conglomerate said net income would have grown 15 percent to P25.5 billion if not for the P7.4 billion one-time losses from asset impairments.

The power business was still the largest contributor to core net income, accounting for 59 percent, followed by financial services and food and beverage at 20 percent each.

Real estate contributed 3 percent, while infrastructure had a negative impact of 2 percent.

Aboitiz Power Corp. contributed P18 billion in net income, up 4 percent from P17.3 billion in 2023.

Union Bank of the Philippines’ net income contribution rose 32 percent to P6 billion, and food and beverage income more than quadrupled to P5.9 billion, driven by stabilizing commodity prices and the fresh contribution from AEV’s 40 percent stake in Coca-Cola Europacific Aboitiz Philippines Inc.

Aboitiz Land, Inc.'s net income, however, declined 9 percent to P943 million, while infrastructure income dropped 73 percent to P644 million, impacted by a P7.5-billion impairment loss on Republic Cement.

The group ended 2024 with consolidated assets at P893 billion, up 7 percent from P833.9 billion in 2023, while equity attributable to the parent firm increased 4 percent to P283.3 billion