The Manila Electric Co. (Meralco) on Monday announced a 20 percent surge in net income for 2024, reaching a record-high P46.47 billion, up from P38.68 billion the previous year. The growth was driven by higher energy sales, marking an all-time best for the company.
In a briefing on Monday, Meralco said its energy sales reached 54,325 gigawatt hours (GWh) in 2024, a 6 percent increase from the previous year’s 51,044 GWh. All customer segments showed improvements, contributing to the overall performance.
The commercial sector, which accounts for 38 percent of total energy sales, saw a 9 percent growth, fueled by business expansion, including mall redevelopments, new store openings, and higher office occupancy rates. Increased demand from hotels, educational institutions, and restaurants, along with higher tourist arrivals and in-person activities, also contributed to the boost.
Residential sales, representing 36 percent of total energy sales, also grew by 9 percent. This was largely driven by the El Niño phenomenon, which resulted in higher average temperatures, prompting prolonged use of cooling devices. The continuous energization of new developments in greater Metro Manila further supported the rise in residential sales.
In contrast, Meralco’s industrial segment, which comprises 26 percent of energy sales, saw only a marginal 1 percent growth. While demand in the semiconductor industry slightly increased, disruptions in the steel sector and a slowdown in dispatches from embedded generators dampened overall growth. However, growth was observed in the non-metallic, plastics, and food and beverage sectors.
Meralco’s customer base also grew, reaching 8.04 million in 2024, a 3 percent increase from 2023. The company’s revenue climbed 6 percent, reaching P470.36 billion, compared to P443.61 billion in the year prior.
Manuel Pangilinan, Meralco chairman, expressed confidence in the company’s continued strong performance for 2025, projecting a potential net income of P49.6 billion for the year. “We foresee substantial organic sales growth, enhanced earnings per share, and robust free cash flow, all aligned with our long-term growth strategy,” Pangilinan said, emphasizing the company’s focus on customer-centric strategies, reliable service, and sustainable shareholder value.
