Aboitiz Power Corp. said net income in the first half declined 4 percent to P17.1 billion, weighed down by the recognition of depreciation and interest expenses of GNPower Dinginin Ltd. Co.’s units 1 and 2.
“Our financial performance in the first half of 2024 is a testament to our strategic focus on operational efficiency and adaptability to market conditions,” AboitizPower president and chief executive officer Danel Aboitiz said.
Earnings before interest, tax, depreciation and amortization rose 8 percent to P36.3 billion.
“The growth in EBITDA, fueled by improved margins and strategic business expansion, positions us for continued success in support of the country’s economic growth and prosperity,” Aboitiz said.
For the second quarter alone, AboitizPower reported a beneficial EBITDA of P19.9 billion, up 6 percent.
Power generation and retail electricity contributed P30 billion to first-half EBITDA, up 10 percent on higher portfolio margins and the commissioning of new solar plants.
Power distribution added P4.2 billion to group EBITDA, down 16 percent from the same period last year when favorable timing of pass-through charges related to fuel prices in 2023. However, energy sales rose by 9 percent year-on-year to 3,256 gigaWatt-hours, driven by increased demand attributed to weather patterns.
As of June 30, 2024, AboitizPower reported a 3 percent increase in total consolidated assets of P503.4 billion while cash and cash equivalents stood at P52.5 billion. Its total consolidated interest-bearing liabilities amounted to P247.4 billion while equity attributable to the parent company’s holders reached P185.7 billion.
AboitizPower remains optimistic about its financial outlook, leveraging its strong operational performance and strategic initiatives to sustain growth in the dynamic energy sector landscape.
