Aboitiz Equity Ventures Inc. (AEV) posted a 63-percent jump in first-half net income, driven by stronger earnings from its power and banking businesses as the conglomerate continued to expand investments in energy, digital finance and infrastructure.

The Aboitiz Group’s publicly listed holding company said on Thursday that its consolidated net income has reached P13.6 billion in the first six months of the year, up from the previous year.

Excluding non-recurring items, core net income stood at P13.7 billion, while second-quarter net income rose 40 percent to P7.3 billion.

Transformation not defined by a single breakthrough

“Transformation is not defined by a single breakthrough, but by consistently making better decisions, executing with discipline, and staying focused on long-term goals,” Aboitiz Group president and chief executive officer Sabin M. Aboitiz said.

“Every investment we make today is intended to strengthen our businesses, satisfy our customers, and support our nation’s continued growth,” he stressed.

Power biggest income driver

Power remained AEV’s biggest earnings driver, with AboitizPower contributing P10 billion to the group’s first-half net income.

The energy unit benefited from the integration of the 797-megawatt Caliraya-Botocan-Kalayaan Hydroelectric Power Plant Complex, the completion of new solar power plants in Olongapo, Armenia and San Manuel, higher contracted capacity and the full first-half contribution of Chromite Gas Holdings Inc.

Banking also provided a strong lift, with UnionBank contributing P3.4 billion to AEV after posting P6.9 billion in net income.

Larger customer base

The lender expanded its customer base to 19.3 million, supported by continued growth in consumer lending and digital banking services.

The Food and Beverage segment remained AEV’s second-largest earnings contributor, accounting for 24 percent of total net income from strategic business units.

Aboitiz Foods and Coca-Cola Europacific Aboitiz Philippines contributed a combined P4 billion, driven by higher demand for flour, animal feeds, pet food, specialty nutrition products and beverages.

Airports, telecoms, water infrastructure

Meanwhile, Aboitiz InfraCapital expanded its airport, telecommunications and water infrastructure businesses during the period. Its airport portfolio, which includes Mactan-Cebu, Laguindingan and Bohol-Panglao airports, benefited from the full first-half contribution of the latter two airports.

At the same time, Unity Digital Infrastructure continued to expand its telecommunications tower portfolio.

As of the end of June, AEV had P1 trillion in consolidated assets, P86.6 billion in cash and cash equivalents, and a 0.9x net debt-to-equity ratio, providing financial flexibility to pursue further strategic investments in the second half of the year.