AboitizPower posts higher income in H1

MANILA, Philippines — Fresh contributions from strategic investments fueled the earnings of Aboitiz Power Corp., surging by 79 percent to P17.8 billion in the first semester.

The jump was primarily attributed to fresh contributions from GNPower Dinginin Ltd. Co. (GNPD) and higher availability across the company’s portfolio.

AboitizPower recognized non-recurring gains of P37 million during the six-month period primarily due to derivative gains from commodity hedging.

Without the one-off gains, its core net income stood at P17.8 billion, a 95 percent year-on-year increase.

“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,” AboitizPower president and CEO Emmanuel Rubio said.

For its generation and retail electricity supply business, the company recorded an EBITDA of P30.2 billion in the first half, up 31 percent from the P23.1 billion in the same period in 2022.

Capacity sold during the period rose by 25 percent to 4,718 megawatts, while energy sold went up by 29 percent to 17,736 gigawatt-hours (GWh).

AboitizPower’s distribution business, on the other hand, posted an EBITDA of P6 billion, a 101 percent jump from the P3 billion recorded in the same period in 2022.

Energy sales from both residential and commercial and industrial customers grew by seven percent to 2,983 GWh due to recoveries in demand in the areas affected by Typhoon Odette.

Rubio said AboitizPower remains on track toward achieving a 50:50 balanced mix portfolio by 2030.

He said the company also continues to focus on providing reliable and innovative power while adapting to dynamic market conditions.

“We envision a future of continued success in achieving our corporate objectives, where AboitizPower is recognized as a driving force in the country’s energy sector, delivering sustainable growth and substantial returns to our investors,” Rubio said.