East zone concessionaire Manila Water Co. Inc. on Thursday reported a 39 percent surge in net income in the first nine months this year totaling P10.1 billion, up from P7.26 billion in the same period last year.
The company attributed the robust earnings to tariff adjustments in its concession as well as to several of its non-East Zone businesses across the Philippines. This, combined with strong growth in customer demand, led to a 19 percent increase in revenue totaling P27.54 billion compared to only P23.14 billion in 2023.
The East Zone concession posted a 20 percent revenue increase reaching P21.8 billion. This was driven largely by the second tranche of a rate rebasing tariff adjustment implemented early this year and by the rebound in industrial customer activity as the economy continued to recover.
“Three years ago, we embarked on a journey of recovery and growth, aware that the road would not be easy. We made sacrifices to build a more robust structure, improve operational efficiency, and ensure better service to our customers,” said Manila Water president and CEO, Jocot de Dios, reflecting on the company’s long-term strategy.
Beyond the East Zone, the company also reported strong contributions from its other businesses, including those in Laguna, Clark, Boracay, and Estate Water under NEZ PH, with overall billed volume growth of 6 percent. This was further supported by a stable 3 percent rise in consolidated billed volume.
Capital expenditure as of September totaled P16.7 billion, with 90 percent of that allocated to the East Zone concession, amounting to P15.1 billion.
