AboitizPower net income up 24% to P19.5 billion in 9 months

MANILA, Philippines — Aboitiz Power Corp. boosted its net income by 24 percent to P19.5 billion in the nine months ending September, from P15.7 billion recorded in the same period in 2021.

The company attributed the increase to fresh contributions from GNPower Dinginin Units 1 and 2, higher availability of the GN Power Mariveles Energy Center Ltd. Co. facility, higher water inflows, and gains from commodity hedge.

Without one-off gains, AboitizPower said its core net income for the January to September period was at P18.3 billion, 17 percent higher than last year’s P15.7 billion.

Excluding the impact of Typhoon Odette, liquidated damages and business interruption claims recognized last year, it said the three quarters of 2022 would have resulted in a 33 percent gain in core net income and a 42 percent gain in consolidated net income compared to the same period in 2021.

For the third quarter alone, AboitizPower’s consolidated net income jumped by 72 percent to P9.6 billion from last year’s P5.6 billion.

“We have seen peak energy demand continue picking up in Luzon and Visayas during this past quarter, exceeding pre-pandemic levels. Our new capacities have been delivering much-needed energy to the grid during its commissioning period,” AboitizPower president and chief executive officer Emmanuel Rubio said.

“Now that we have taken over these facilities, we look forward to reinforcing our support for the country’s growing power requirements,” he said.

AboitizPower’s generation and retail supply business posted a 21-percent jump in EBITDA during the nine-month period to P39 billion from P32.3 billion in the same period last year.

Capacity sold by the generation and retail supply business increased by eight percent year-on-year to 3,940 megawatts, while energy sold went up by 19 percent year-on-year to 21,892 gigawatt-hours.

AboitizPower’s distribution business, on the other hand, recorded a 22-percent drop in EBITDA to P4.8 billion due to delayed pass through of higher generation charges.

Energy sales from the residential customer segment decreased by one percent due to lower consumption because of Typhoon Odette and the cooler weather, while commercial and industrial energy sales improved by four percent due to recovering demand.

Rubio said AboitizPower remains focused on its objective to grow its renewable energy portfolio, with the company’s latest foray into wind power taking it closer to its targets.

“At the same time, we are ensuring our existing facilities continue to meet the Philippines’ baseload needs,” he said.