Core strength fuels MPIC profit climb

Metro Pacific Investments Corp. (MPIC) saw a 48 percent jump in net income to P9.1 billion in the first quarter from P6.1 billion a year ago, driven by gains from the sale of its oil storage unit, Philippine Coastal Storage and Pipeline Corp.

The Pangilinan-led infrastructure conglomerate reported Wednesday a core net income, which excludes one-time items, grew 17 percent to P6.6 billion from P5.6 billion, driven by stronger results from power, water, hospitals and toll roads.

“We are pleased with our strong start to 2025, marked by solid performance across our core businesses and improved earnings momentum. These results reflect the steady execution of our strategy and the strength of our foothold in power, water, toll roads, and healthcare,” MPIC chairman, president and CEO Manuel V. Pangilinan said. 

Power remained MPIC’s top income source, contributing P4.9 billion or 62 percent of net operating income. Water brought in P1.9 billion, and toll roads P1.4 billion.

“Looking ahead, we remain focused on sustaining this growth trajectory. We are accelerating investments in power generation and expanding our presence in agribusiness — both critical to supporting national development and ensuring long-term value creation,” Pangilinan added.

Meralco leads growth

Manila Electric Co.’s core net income rose 11 percent to P11.2 billion as revenues grew 10 percent to P114.5 billion, thanks to a 2 percent increase in energy sales. Reported net income rose 9 percent to P10.4 billion.

Maynilad Water Services Inc.’s core income grew 17 percent to P3.6 billion, supported by lower costs and higher interest income. Revenues rose 6 percent to P8.6 billion after an 8 percent tariff hike in January.

Toll revenues from Metro Pacific Tollways Corp. (MPTC) rose 16 percent to P8.7 billion, but core income dipped due to higher interest costs. Reported net income fell 15 percent to P1.5 billion, boosted last year by a one-off gain.

MPTC completed its P5.5 billion buyout of Egis Investment Partners Philippines in March, raising its stake in NLEX Corp. to 83.8 percent.

By the end of the quarter, MPIC had P10.6 billion in cash and short-term investments as of March, slightly lower than P11.5 billion at the end of 2024. Net debt, on the other hand, improved to P59.4 billion from P61.5 billion.