Aboitiz Equity Ventures Inc., the listed investment holding company of the Aboitiz Group, posted net income for the first half of P10.5 billion, 11 percent lower than the P11.8 billion recorded in the same period last year.
Net income in the first half would have been higher if not for non-recurring losses of P656 million, primarily due to foreign exchange losses from the revaluation of US dollar cash and liquid financial instruments. In the same period last year, Aboitiz Equity recognized P2.7 billion in non-recurring gains.
Power accounted for 72 percent of the total income contributions from Aboitiz Equity’s strategic business units in the first half of 2023, while financial services added 25 percent. Income contributions from real estate, food, and infrastructure SBUs were at 3 percent, 1 percent, and negative 1 percent, respectively.
AboitizPower had earnings before interest, taxes, depreciation and amortization for the generation and retail electricity supply businesses of P30.2 billion during the first half, 31 percent higher than the P23.1 billion recorded in the same period in 2022. The increase was primarily due to fresh contributions from GNPD and higher availability across AboitizPower’s portfolio.
“As we continue to navigate a very dynamic landscape, AEV remains steadfast in our commitment to deliver value to our shareholders, support our communities, and contribute to the nation’s economic recovery. We have a firm eye on the future, capitalizing on new opportunities and facing challenges with innovation and sustainability at our core,” said Aboitiz Group President and CEO Sabin Aboitiz.
