The Manila Electric Co. (Meralco) on Monday announced a robust 17 percent increase in core net income for the first nine months of 2024, reaching P35.1 billion versus only P30.02 billion in the same period last year.
In a briefing, Meralco reported a six percent rise in consolidated revenue, climbing to P355.4 billion from P335.2 billion in 2023. The growth was driven by higher sales volume and increased contributions from its power generation and retail electricity supply sectors.
Consolidated energy sales surged seven percent to 40,872 gigawatt hours (GWh), up from 38,164 GWh last year. Notably, the residential segment posted double-digit 10 percent growth reaching 14,758 GWh, spurred by the energization of new accounts and rising per capita consumption.
Commercial sales also rose by eight percent to 15,261 GWh, despite challenges from the exit of offshore gaming operations and ongoing remote work arrangements. The uptick was supported by higher office occupancy rates and increased activity in retail and hospitality sectors, aided by new mall openings and enhanced foot traffic.
Industrial power sales recorded a modest two percent increase to 10,743 GWh, fueled by rising production demand in the plastics, food, and beverage sectors in anticipation of the academic year and the upcoming holiday season.
Meralco’s customer base grew to 7.99 million, a three percent increase from last year’s 7.77 million.
Manuel Pangilinan, Meralco chairman and CEO, expressed optimism on the company’s financial outlook, signaling that the strong performance may lead to exceeding the full-year income guidance of P43 billion, which has already been upgraded twice this year from an initial estimate of only P40 billion.
“Given our strong financial results and a positive outlook, we expect to surpass the P43 billion profit target set earlier this year, setting the stage for another record-breaking year,” Pangilinan said. He also hinted at continued growth into 2025, driven by organic expansion and new investments.
