Aboitiz Power Corp., the energy company of the Aboitiz Group, saw a 2 percent increase in net income in 2024, rising to P33.9 billion on the back of robust growth in its generation and distribution business. These gains were underpinned by a higher generation portfolio margin and increased energy sales.
A significant factor contributing to AboitizPower’s performance was the expansion of its generation capacity.
The company successfully brought online two major solar plants: the 159-megaWatt-peak (MWp) Laoag and 94 MWp Cayanga Solar Plants. These additions boosted its energy production and helped increase its earnings before interest, taxes, depreciation, and amortization, which grew 13 percent year-on-year to P73.3 billion. The fourth quarter alone saw a 20 percent jump in EBITDA to P17.2 billion.
AboitizPower’s electricity distribution business also experienced strong growth, with higher energy sales and a rise in retail supply volume. Despite the ongoing challenges, including depreciation and interest expenses from the new GNPower Dinginin Ltd. Co. Units 1 and 2, the company’s net income remained resilient.
Excluding the impact of GNPD-related costs, AboitizPower’s net income would have surged by 18 percent, showcasing the strength of its underlying business. Core net income for 2024 stood at P33.7 billion, a 5 percent increase from the previous year.
Looking ahead, AboitizPower’s continued focus on renewable energy expansion and its diversified business model are expected to drive future growth, solidifying its position as a key player in the energy sector.
