Conglomerate Metro Pacific Investments Corp., now a private company, on Wednesday reported net income in 2023 rising 90 percent to P19.91 billion from P10.49 billion the year before, mainly as a result of better contributions from its power and water franchise operations.
Improved financial and operating results from MPIC’s holdings delivered a 29% increase in contribution from operations to a record high ₱24.5 billion, mainly driven by the strong performance of the power generation business and higher water tariffs at the water concession.
Among the company’s core businesses, power had the largest contribution of ₱15.2 billion or 62 percent of net operating income while toll roads and water contributed ₱5.8 billion and ₱4.4 billion, respectively.
Core net income was up 38 percent to ₱19.5 billion from ₱14.2 billion in 2022.
“All of our core business segments performed consistently well in 2023. Meralco’s power generation business is becoming a steady contributor to its growth with promising expansion opportunities in the pipeline. Traffic on our toll roads under MPTC is rising by double digits and Maynilad is benefiting from the catch-up of delayed tariff increases,” MPIC chairman, president and CEO Manuel V. Pangilinan said.
“We are working hard to make 2024 another banner year for MPIC and our operating companies on the expectation that greater private sector participation in infrastructure development will help propel our nation to higher growth in the near term and further ahead,” he said.
Meralco generated revenues rising 4 percent to P443.6 billion, its highest-ever, reflecting increased pass-through charges and growth in volumes sold. Net income rose 34 percent to P38 billion.
MPTC toll revenue grew 19 percent to P27.2 billion due to a combination of toll rate increases and traffic growth in the Philippines and Indonesia.
Core net income, however, increased by only 2 percent to P5.8 billion as revenue growth was tempered by the higher concession amortization on newly opened roads and financing the cost of the acquisition of Cikampek Elevated Road or Japex, in Indonesia.
Maynilad revenue, meanwhile, grew 19 percent to P27.3 billion on a mere 2 percent growth in billed volume and higher effective tariff.Core net income rose 51 percent to P9.1 billion due to lower operating costs resulting from the extension of the concession period.
