ABOITIZ Power Corp. (AboitizPower) recorded a consolidated net income of P10.3 billion for the second quarter, a 47.1% increase compared to P7 billion a year ago, boosted by fresh contributions from coal-fired power plants, the company said on Thursday.
“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,” Emmanuel V. Rubio, president and chief executive officer of AboitizPower, said in a stock exchange disclosure.
The energy company of the Aboitiz group reported nonrecurring losses of P81 million for the second quarter, compared to nonrecurring gains of P923 million registered in the same period last year.
Excluding these one-off losses, AboitizPower’s core net income stood at P10.4 billion, 69% higher than a year.
For the first half, AboitizPower recorded a net income of P17.8 billion, a 78% increase compared to the P10 billion net income a year ago.
The energy company said it booked nonrecurring gains of P37 million for the period, attributing these gains to commodity hedging.
Excluding the one-off items, AboitizPower said its core net income for the January to June period rose by 95% to P17.8 billion year on year.
“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,” Mr. Rubio said.
The company’s power generation and retail electricity supply business registered an earnings before interest, taxes, depreciation, and amortization (EBITDA) of P30.2 billion in the first semester, up by 30.7% compared to the P23.1 billion recorded in the same period last year.
Energy sales in the first half increased by 28.9% to 17,736 gigawatt-hours (GWh) from 13,762 GWh a year ago.
The company’s power distribution businesses also recorded an EBITDA of P6 billion, double the P3 billion recorded in the same period last year.
AboitizPower’s energy sales rose by 7.3% to 2,983 GWh, covering residential, commercial, and industrial customers, compared to 2,780 GWh a year ago.
“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,” said Mr. Rubio.
AboitizPower aims to expand its renewable energy by building an additional 3,700 megawatts (MW) of renewables by 2030.
The company targets a portfolio mix with 50:50 renewable energy and thermal capacities by 2030.
At the local bourse on Thursday, shares in the company gained 10 centavos or 0.27% to end at P36.80 apiece. — Ashley Erika O. Jose