MANILA, Philippines — Aboitiz Power Corp. hiked its net income by four percent in the first quarter to P7.9 billion due to higher generation portfolio margins.
Excluding non-recurring items, the company’s core income went up by three percent to P7.8 billion in the same period.
Energy sold by the company’s generation and retail electricity supplier segments went up by one percent to 8,812 gigawatt hours (gwh). As a result, earnings before interest, taxes, depreciation and amortization (EBITDA) increased by five percent to P13.8 billion.
At the same time, the distribution business gained by nine percent to 1,526 gwh following higher demand, driven by the El Niño phenomenon.
“This momentum reflects the effectiveness of our investments and growth strategies, which further reinforces our dedication to providing reliable, affordable and sustainable power while driving the nation’s development,” AboitizPower president and CEO Emmanuel Rubio said.
The company allocated P73 billion for capital expenditures this year, with bulk at 72 percent set aside for renewable energy expansion.
The balance is allocated toward improving the reliability of AboitizPower’s baseload power plants, land acquisition and new substations and meters for its distribution business.
“Looking ahead, we’re excited about the new growth drivers emerging this quarter. By leveraging these opportunities, we remain confident in our ability to unlock shared success for all our stakeholders,” Rubio said.
AboitizPower reported a full year net income for 2023 of P33. 1 billion, up by 27 percent from P26.0 billion a year earlier.