ABOITIZ Power Corp. (AboitizPower) reported a 4% decline in net income to P17.1 billion for the first half of the year, due to depreciation and interest costs from GNPower Dinginin units 1 and 2.
Core net income also decreased by 4% to P17.1 billion, excluding foreign exchange and derivative gains, the company said in a filing on Tuesday.
From January to June, earnings before interest, tax, depreciation, and amortization (EBITDA) went up by 8% to P36.3 billion driven by higher generation margins.
“This also resulted in growth in beneficial EBITDA for the second quarter of 2024 at P19.9 billion, 6% higher than the P18.7 billion beneficial EBITDA in the same period in 2023,” AboitizPower said.
Higher portfolio margins and the energization of the Cayanga and Laoag solar power plants contributed to a 10% increase in EBITDA earnings for the generation and retail supply business, reaching P33 billion.
Energy sold increased by 0.12% to 17,758 gigawatt-hours (GWh) from 17,736 GWh in the same period last year.
AboitizPower’s distribution business EBITDA was P4.2 billion, a 16% decrease from P5 billion previously, mainly due to favorable timing of pass-through charges resulting from a sharp decline in fuel prices.
Energy sales increased by 9% to 3,256 GWh in the first half of 2024, compared with 2,983 GWh in the same period in 2023, driven by higher demand due to the El Niño phenomenon.
Energy sales to residential, commercial, and industrial customers increased by 17% and 6% year on year, respectively.
As of June, AboitizPower’s total consolidated assets reached P503.4 billion, a 3% increase from P487 billion at the end of 2023.
In May, the company partnered with Thailand-based REPCO NEX Industrial Solutions to convert its conventional power plants into smart power plants. They aim to use data science and artificial intelligence to develop “digital twin technology” for the 300-megawatt (MW) Therma South Plant in Davao City and the 340-MW Therma Visayas Plant in Cebu.
On Tuesday, shares in AboitizPower closed at P34 each. — Sheldeen Joy Talavera
