Aboitiz Power Corp. on Monday reported a 4 percent rise in net income to P7.9 billion in the first three months this year compared to only P7.5 billion in the same period last year.
Excluding non-recurring items, its core net income rose 3 percent to P7.8 billion in the January to March period from P7.6 billion last year.
The gains were attributed to higher margins at its generation portfolio.
The energy sold by its generation and retail electricity supply segments increased by 1 percent to 8,812 gigawatt hours (GWh) from 8,725 GWh last year. Its distribution business generated sales nine percent higher to 1,526 GWh from 1,404 GWh resulting from El Nino-driven electricity demand.
“Aboitiz Power continued its strong performance in the first quarter of 2024, building on its successful 2023. This momentum reflects the effectiveness of our investments and growth strategies, which further reinforces our dedication to providing reliable, affordable, and sustainable power while driving the nation’s development,” said Emmanuel Rubio, Aboitiz Power president and chief executive officer.
Aboitiz Power has set aside P73 billion as capital expenditure this year, more than double the P26 billion in 2023.
The company looks to add 3,700 megawatts in new renewable energy capacity for a total 4,600 MW by 2030.
It projects new capacity of 176 MW coming online in the first half this year, including the 17-MW binary geothermal power plant in Tiwi, Albay and the 159-MW solar plant in Laoag, Pangasinan.
