Aboitiz Equity Ventures Inc., the investment holding arm of the Aboitiz Group, on Tuesday reported consolidated net income of P23.5 billion in 2023, down 2 percent from the previous year on lower contribution on Union Bank of the Philippines.
Excluding non-recurring net gains of ₱1.4 billion, the company said core net income for 2023 was P22.1 billion, which was 8 percent
higher than the P20.5 billion core net income posted in 2022.
In the fourth quarter alone, Aboitiz Equity saw net income more than doubled to P5.5 billion from the year-earlier period’s P2.7 billion.
Aboitiz Power Corp. accounted for the bulk of Aboitiz Equity’s net income, contributing P17.3 billion, up 28 percent from the P13.5 billion in On a stand-alone basis, the core net income of Aboitiz Power grew by 29 percent to P32.0 billion in 2023 while reported net income for the full year 2023 was higher by 27 percent to P33.1 billion due to contributions from a new project that came on stream last year.
Another major contributor to Aboitiz Equity’s bottomline is Union Bank. The contribution of Union Bank, however, dropped to 29 percent to P4.5 billion.
Net income contributions from infrastructure, food, and real estate strategic business units were at 6 percent, 5 percent, and 4 percent, respectively.
“Building on our resilience and steady core performance, we are ready for another exciting phase of growth and innovation. Our acquisition of Coke’s bottling operations with our partner Coca Cola European Partners accelerates our diversification into the consumer market. And the recently announced investment of AboitizPower in gas projects with Metro Pacific Investments Corp. and San Miguel Global Power diversifies our energy mix as we transition to cleaner energy. We are confident that 2024 will be a transformative year for AEV and its business units,” said Aboitiz Group president and chief executive officer Sabin Aboitiz.
