Manila Water Co. Inc. on Monday announced a robust 86.9 percent increase in consolidated net income for 2024 totaling P10.97 billion, up from P5.87 billion in 2023. The surge was fueled by growth across its core East Zone Concession as well as a significant expansion in its non-East Zone operations, including provincial and subsidiary businesses.
The company’s revenue for the year also showed a solid 19.3 percent rise, reaching P36.65 billion from P30.71 billion, bolstered by steady demand for water services across Metro Manila and surrounding provinces.
Jocot de Dios, president and CEO of Manila Water, attributed the company’s strong performance to strategic groundwork laid in recent years, underscoring the growth of its non-East Zone businesses, which more than tripled earnings to surpass P2 billion. This expansion includes notable contributions from partnerships with local water districts in areas such as Laguna, Boracay, Cebu, and Clark, as well as the company’s Estate Water Group.
The East Zone Concession, which serves key areas in Metro Manila and parts of Rizal province, posted a 20 percent revenue increase, driven by higher water rates and increased consumption. Meanwhile, Manila Water’s non-East Zone businesses saw earnings soar to P2.3 billion, a significant improvement from P750 million in 2023.
However, the company noted that its international ventures in Thailand and Vietnam saw a decline in contributions from minority investments. Despite this, Manila Water remains focused on evaluating its global portfolio for future value creation.
With a strategic focus on improving services, enhancing operational efficiencies, and creating long-term value, Manila Water continues to position itself for sustained growth, both domestically and abroad.
