Manila Water Co., the water concessionaire in the East Zone of Metro Manila, said Tuesday net profit in 2022 surged 61 percent to P5.92 billion as revenues were driven higher by earnings from pipework and integrated used water services, connection fees, and cross border billings.
Total revenues last year rose to P22.8 billion from P20.5 billion in 2021.
Starting January this year, an approved five-year rate rebasing will be implemented, resulting in an adjustment of P8.04 per cubic meter.
Cost of services increased 6.9 percent to P9.56 billion due mainly to higher cost of utilities while operating expenses climbed 9.5 percent to P4.28 billion.
Other expenses declined to P795 million, around one third of previous year’s P2.37 billion due to gains from foreign exchange differentials and an increase in other income.
Total billed connections increased last year by 4 percent to 1.29 million, with 82 percent of those customers accounted for by the East Zone.
The Wawa Bulk Water project, whose non-full recovery expenses was imputed in the latest rate rebasing, started supplying raw water in October to help meet rising demand in the East Zone. Water consumption in the East Zone, which includes Makati, Mandaluyong, Manila and parts of Quezon City, increased last year by 3 percent on year to 501.3 million cubic meters.
Manila Water and the Wawa project share businessman Enrique Razon as major shareholder.
