AboitizPower net income up 37 percent to P26.7 billion in 9 months

MANILA, Philippines — Abotiz Power Corp. boosted its profit in the nine months to September, fueled by the strong performance of its generation and distribution businesses.

AboitizPower’s net income from January to September stood at P26.7 billion, up by 37 percent from P19.5 billion a year ago.

The growth was achieved despite a seven-percent decline in the company’s net income in the third quarter to P8.9 billion.

The company said it recognized non-recurring gains of P134 million during the quarter, driven primarily by the timing of refunds made by its distribution group due to rate adjustments mandated by the Energy Regulatory Commission.

For the nine-month period, AboitizPower’s generation and retail supply business posted an EBITDA of P46.7 billion, 20 percent higher year-on-year as a result of higher availability and fresh contributions from GNPower Dinginin Ltd. Co. (Philippines).

Capacity sold increased by 19 percent year-on-year to 4,705 megawatts (MW), while energy sold rose by 21 percent to 26,493 gigawatt-hours (GWh).

For its distribution business, EBITDA reached P7.2 billion during the nine-month period, up by 51 percent year-on-year.

Energy sales from both residential and commercial and industrial customers jumped by seven and six percent, respectively, to a total of 4,569 GWh from January to September due to recoveries in demand in the areas affected by Typhoon Odette and resurgence of energy sold back to pre-pandemic level.

“The company had an impressive performance in the first nine months of the year compared to the same period in 2022, powered by our resilience, adaptability, and vision,” AboitizPower president and chief executive officer Emmanuel Rubio said.

“Through our strategic partnerships, we are well-positioned to accomplish our renewable energy growth ambitions, opening up opportunities for innovation and expansion,” he said.

AboitizPower has committed to continue to invest in renewables towards reaching at least 4,600 MW, or 50 percent of its generation portfolio, by the next decade.

Currently, close to 1,000 MW of AboitizPower renewable projects – including wind and solar farms and more geothermal capacities – are in the pipeline.

Looking ahead, Rubio said the company is optimistic about its prospects for 2024.

“Building upon the momentum of 2023, we look forward to diversifying our energy offerings further, focusing on sustainable practices and creating more technology-driven energy solutions,” Rubio said.

“Our pursuit of responsible business and meaningful collaborations will continue to propel us toward a prosperous and sustainable future,” he said.