Metro Pacific Investments Corp. (MPIC), the delisted conglomerate led by Manuel V. Pangilinan, announced a consolidated core income of P23.6 billion in 2024, marking a 21 percent increase from the P19.5 billion reported in 2023. The growth is attributed to strong performance across its core businesses, particularly in power, water, and toll roads.
The company’s contribution from operations reached a record-high P28.4 billion, reflecting a 16 percent year-over-year increase. This was driven by robust energy sales from Manila Electric Co. (Meralco), higher billed volumes at Maynilad Water, and increased traffic on toll roads, further complemented by recent tariff hikes.
“This success is a result of strong volumes and the positive impact of long-overdue tariff adjustments,” said Pangilinan, MPIC chairman, president, and CEO. “As we continue to invest heavily in service quality and operational efficiency, we remain focused on improving the lives of our customers while growing our sales and core profitability, ultimately creating long-term value for our investors.”
Among MPIC’s core sectors, the power business made the largest contribution, accounting for P19.66 billion (69 percent) of net operating income. This marked a 29 percent increase from the previous year’s P15.23 billion. Toll roads and water contributed P6.3 billion and P6.2 billion, respectively, representing 44 percent of operating income. The toll roads segment saw a 9 percent increase in income, while water operations grew 42 percent.
MPIC’s total operating revenues rose 19 percent to P73.11 billion, up from P61.32 billion in 2023. This performance was buoyed by a 6 percent increase in energy sales volumes by Meralco, which reached 54,325 GWh, and a 16 percent growth in toll revenue, totaling P31.6 billion, driven by both traffic growth and toll rate hikes across markets.
The water segment also posted impressive growth, with revenue rising 23 percent to P33.5 billion, primarily driven by a 3 percent increase in billed volume and a 20 percent tariff adjustment implemented in early January 2024.
MPIC’s core net income surged 40 percent to P12.8 billion, largely due to lower operating expenses, while net debt was reduced slightly to P61.5 billion from the previous year’s P62.6 billion.
Chaye A. Cabal-Revilla, MPIC’s CFO, outlined a 15 percent increase in capital expenditures for this year, rising from P101 billion in 2024, with continued focus on the power, toll roads, and water businesses.
