Aboitiz Power Corp. announced a 2 percent rise in net income in the first nine months of 2024, reaching P27.3 billion, up from P26.7 billion during the same period last year.
The company told the Philippine Stock Exchange, highlighting its resilience despite facing depreciation and interest costs associated with GNPower Dinginin Ltd. Co.’s coal-fired units.
The firm’s power distribution segment posted an 11 percent growth, with net income increasing to P6.6 billion from P6 billion last year, on the back of higher energy sales. Overall, energy sales surged 8 percent, totaling 4,939 gigawatt hours (GWh), compared to 4,569 GWh last year. The increase is attributed to heightened demand, driven in part by the El Niño phenomenon.
Aboitiz Power has allocated P73 billion as capital expenditure this year, more than double the investment of only P26 billion in 2023. The company is also pursuing an aggressive growth strategy, aiming to add 3,700 megawatts (MW) of renewable energy capacity, which will help bring its total renewable energy output to 4,600 MW by 2030.
