ABOITIZ Power Corp.’s (AboitizPower) consolidated net income for the first half (H1) grew 79 percent year on year to P17.8 billion, driven by fresh contributions from its strategic investments and operational excellence outcomes.
“The company had an exceptional performance in the first six months of 2023, driven by fresh contributions of our strategic investments and operational excellence outcomes,” AboitizPower President and Chief Executive Officer Emmanuel Rubio said in a statement on Thursday.
“We remain on track toward achieving a 50:50 balanced mix portfolio by 2030 and continue to focus on providing reliable and innovative power while adapting to dynamic market conditions,” he added.
AboitizPower recognized P37 million in non-recurring gains in the first half, mainly due to derivative gains from commodity hedging, far lower than the P853 million recorded a year earlier.
Without these one-off gains, core net income for the first half was P17.8 billion, a 98-percent increase from the previous year.
By segment, the generation and retail supply business recorded earnings before interest, tax, depreciation and amortization (Ebitda) of P30.2 billion, 31 percent higher than the P23.1 billion a year ago.
This was primarily due to fresh contributions from GNPower Dinginin Ltd. Co. and higher availability across AboitizPower’s portfolio.
“Capacity sold in the first half of 2023 increased by 25 percent to 4,718 megawatts (MW), compared to 3,785 MW in the same period in 2022,” the firm said.
“Energy sold increased by 29 percent to 17,736 gigawatt-hours (GWh) for the first half of 2023, compared to 13,762 GWh in the same period in 2022.”
In the distribution business, first-half Ebitda was P6 billion, double the P3 billion recorded in the same period in 2022.
Energy sales from both residential and commercial, and industrial customers increased by 7 percent to 2,983 GWh in the first half from 2,780 GWh last year due to recoveries in demand in the areas affected by Typhoon “Odette.”
“Overall, we envision a future of continued success in achieving our corporate objectives, where AboitizPower is recognized as a driving force in the country’s energy sector, delivering sustainable growth and substantial returns to our investors,” Rubio said.
AboitizPower’s share price went up by 10 centavos, or 0.27 percent, to close at P36.80 on Thursday amid a 0.02-percent dip for the benchmark Philippine Stock Exchange index.