Aboitiz Equity profit down 16 percent in 9 months

MANILA, Philippines — Aboitiz Equity Ventures Inc. (AEV),  the Cebu-based conglomerate, reported a consolidated net income of P18 billion in the nine months to September, 16 percent lower than the P21.4 billion recorded during the same period last year.

This as the company recognized non-recurring gains of only P738 million this year, lower than the P5.3 billion booked the previous year.

Without these one-off gains, the company’s core net income rose by eight percent to P17.3 billion.

In the third quarter alone, AEV reported a net income of P7.6 billion, down 21 percent.

During the period, the company recognized non-recurring gains, primarily foreign exchange gains, of P1.4 billion.  This was lower than the P2.6 billion in non-recurring gains for the corresponding period in 2022.

Without these one-off gains, the company’s core net income for the third quarter amounted to P6.2 billion, 12 percent lower year-on-year.

Power accounted for 70 percent of the total income contributions from AEV’s strategic business units (SBU), while financial services accounted for 20 percent.

Income contributions from infrastructure, real estate, and food SBUs, meanwhile, were at four percent, four percent, and three percent, respectively.

The power arm contributed P13.9 billion, up 37 percent.

On a stand-alone basis, AboitizPower’s net income during the period rose 37 percent to P26.7 billion.

Without one-off gains of P85 million during the period, AboitizPower’s core net income soared 45 percent to P26.7 billion.

Union Bank of the Philippines reported a net income of P4 billion in the first nine months, 22 percent lower than the P5.1 billion recorded a year ago.

Aboitiz InfraCapital recorded an income contribution to the holding company of P1.4 billion, up 17 percent.

This growth was due to the robust lot sales of economic estates and incremental contributions from the water, and airport business units.

AEV’s non-listed real estate businesses, consisting of Aboitiz Land Inc. and its subsidiaries, registered a consolidated net income of P716 million during the period, or an increase of five percent.

This was primarily due to lower operating and project costs and gains from the sale of properties.

On the other hand, AEV’s non-listed food subsidiaries through the Pilmico Group, contributed P499 million during the period, up 92 percent.