AboitizPower’s net income rises 4% YoY in Q1

The company increased its capital expenditure this year by over two-fold.

Aboitiz Power reported a 4% year-on-year (YoY) uptick in net income to reach $136.5m (PHP7.9b) in the first quarter on the back of higher generation portfolio margins.
In a statement, the company said the energy sold by its generation and retail electricity supplier segment slightly rose by 1% to 8,812 gigawatt-hours (GWh).

The company’s distribution business also saw a 9% YoY growth in energy sales to 1,526 GWh due to higher demand driven by the El Niño phenomenon.
On the other hand, its earnings before interest, taxes, depreciation and amortisation were down by 11% to $44.9m (PHP2.6b) due to the favourable timing in pass-through charges in 2023 following the declining fuel prices.

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“AboitizPower 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 AboitizPower President and Chief Executive Officer Emmanuel V. Rubio.

For this year, AboitizPower and its partners more than doubled their capital expenditures to $1.26b (PHP73b), 72% of which is allocated to renewable energy pipelines.

$1 = PHP57.87