AboitizPower’s core net income up 65% on Dinginin power plant’s contribution
ABOITIZ Power Corp. reported a 65% increase in third-quarter net income to P9.2 billion largely due to the two units of its coal-fired power plant in Bataan that started contributing to the company.
“We have seen peak energy demand continue picking up in Luzon and Visayas during this past quarter, exceeding pre-pandemic levels. Our new capacities have been delivering much-needed energy to the grid during its commissioning period,” Emmanuel V. Rubio, president and chief executive officer of AboitizPower, said in a regulatory filing on Wednesday.
Aside from the fresh contributions from GNPower Dinginin Ltd. Co.’s units 1 and 2, the energy arm of the Aboitiz group also cited higher water inflows and gains from commodity hedges for the profit rise.
Including one-off gains, the company also reported a consolidated net income of P9.6 billion, 72% higher than a year ago.
The company said it booked non-recurring gains of P310 million in the third quarter, in contrast to the P41-million non-recurring losses recorded in the same quarter last year.
For the nine-month period, the company reported a core net income of P18.3 billion, 16.6% higher than the P15.7 billion booked in the same period last year.
With one-off gains, its consolidated net income climbed by 24.2% to P19.5 billion from P15.7 billion in the same period last year.
As of September, AboitizPower said it recorded non-recurring gains of P1.2 billion, driven by the appreciation of the US dollar, compared with P36 million in non-recurring losses recorded a year ago.
Its generation and retail supply business recorded a 20.7% increase in earnings before interest, taxes, depreciation, and amortization (EBITDA) to P39 billion from P32.3 billion in 2021.
The company attributed the rise to fresh contributions from GNPower’s two units, higher availability of the GNPower Mariveles Energy Center Ltd. Co. facility, higher water inflows and gains from commodity hedges.
AboitizPower’s distribution businesses recorded an EBITDA of P4.8 billion, 21.3% lower than the P6.1 billion recorded in the corresponding period last year.
Further, nine-month electricity sales stood at 21,892 gigawatt-hours (GWh) versus the 18,442 GWh sold last year.
“We remain focused on our objective to grow our renewable energy portfolio, with our latest foray into wind power taking us closer to our targets. At the same time, we are ensuring our existing facilities continue to meet the Philippines’ baseload needs,” Mr. Rubio said.
Last month, AboitizPower through its subsidiary Aboitiz Renewables, Inc., inked a joint venture agreement with Mainstream Renewable Power for the development of a 90-megawatt (MW) onshore wind project in Libmanan, Camarines Sur.
AboitizPower plans to grow its portfolio to 4,600 MW of sustainably sourced energy by 2030. The company and its partners currently own a total net sellable capacity of 1,248 MW.
At the stock exchange on Wednesday, shares in the company closed 1.11% higher to close at P32 apiece. — Ashley Erika O. Jose