Aboitiz Power profit soars in Q2 as economy stays open

Aboitiz Power profit soars in Q2 as economy stays open
The company said it is still set on significantly expanding its portfolio of renewable energy power plants in the next 10 years and by 2030, its capacity mix would have been transformed into an almost even thermal to Cleanergy ratio.
STAR / File

MANILA, Philippines — Aboitiz Power Corp. saw its bottom-line surge in the second quarter on the back of resurgent activity across the Philippine economy.

In a disclosure sent to the Philippine Stock Exchange Index, the power segment of the Aboitiz Group posted a consolidated net income that soared 46% year-on-year to P10.3 billion in the second quarter.

Aboitiz Power penciled in one-off losses in the second quarter, amounting to P81 million, marking a reversal from the P923 million non-recurring gains in the same period a year ago.

In the first six months, the company’s bottom-line skyrocketed 79% to P17.8 billion.

Aboitiz Power’s generation and retail supply business raked in earnings before interest, taxes, depreciation and amortization of P30.2 billion in the first half, growing 31%. As it is, the company noted energy sold during the same period rose by 29% to 17,736 gigawatt-hours.

Its distribution business trended up as well, penciling an EBITDA that surged 101% to P6 billion in the first half. Power sales across its residential, commercial, and industrial customers inched up 7% to 2,983 GWh in the same period, owing to recovering demand in typhoon-hit areas.

“The Company had an exceptional performance in the first six months of 2023, driven by fresh contributions of our strategic investments and operational excellence outcomes,” said AboitizPower president and CEO Emmanuel Rubio.

“We remain on track toward achieving a 50:50 balanced mix portfolio by 2030 and continue to focus on providing reliable and innovative power while adapting to dynamic market conditions,” he added.

Shares in Aboitiz Power currently trade 0.82% down at P36.4 apiece as of 11:59 Thursday morning. — Ramon Royandoyan

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