AEV hikes capex to P153 billion

MANILA, Philippines — Aboitiz Equity Ventures Inc. (AEV) is hiking its capital expenditures by 135 percent to P153 billion this year as it gears up for another phase of growth and innovation.

For this year’s capex, AEV said P73 billion would go to its power business.

Aboitiz Power Corp.’s focus will be through strategic investments, streamlining operations and building strong partnerships.

“Our goal is to pave the way for a brighter energy future for everyone,” AboitizPower president and chief executive officer Emmanuel Rubio earlier said.

Aside from power, AEV said P44 billion in its 2024 capex will be allotted for its strategic investments in high-growth sectors.

Approximately P3 billion, meanwhile, is earmarked for each of AEV’s banking, real estate and food strategic business units.

Building on the group’s resilience and steady core performance, Aboitiz Group president and CEO Sabin Aboitiz earlier said AEV is ready for another exciting phase of growth and innovation this year.

He said the group’s acquisition of Coca-Cola Beverages Philippines, Inc. (CCBPI) with partner Coca Cola European Partners would accelerate its diversification into the consumer market.

The recently announced investment of AboitizPower in gas projects with Meralco PowerGen Corp. and San Miguel Global Power, on the other hand, diversifies its energy mix as the group transitions to cleaner energy.

“We are confident that 2024 will be a transformative year for AEV and its business units,” Aboitiz said.

In 2023, AEV reported a two percent decline in its net income to P23.5 billion from P24 billion the previous year.

Excluding non-recurring net gains of P1.4 billion, the company’s core net income for last year was at P22.1 billion, up eight percent P20.5 billion in 2022.