MPIC earnings surge 30% to P5.6 billion in Q1

MANILA, Philippines —  Core earnings of conglomerate Metro Pacific Investments Corp. (MPIC) soared by 30 percent to a record high of P5.6 billion in the first quarter on strong performances by its business units.

Power contributed the largest among MPIC’s core businesses at P4.4 billion or 64 percent of net operating income, while toll roads and water contributed P1.5 billion and P1.4 billion, respectively, representing 42 percent.

Reported net income for the three-month period grew by 23 percent to P6.1 billion from P5 billion in the first quarter of 2023.

“Despite the macro-effects of geopolitical issues, which create supply chain issues, little relief on interest rates, and a demanding fundraising environment, we continued to post significant positive outcomes in vital economic metrics,” MPIC chairman, president and CEO Manuel V. Pangilinan said.

“Years of planning and careful investments are paying off, proving that MPIC will remain resilient despite prolonged global uncertainty,” he said.

On a stand-alone basis, Meralco’s consolidated core net income grew by 11 percent to P10.1 billion, fueled by continuing contributions from power generation, retail electricity supply and other non-power businesses.

Revenues, however, dipped by one percent to P104.5 billion due to lower pass-through charges and energy fees.

Higher share in net earnings of equity-accounted Vietnam toll roads, meanwhile, boosted Metro Pacific Tollways Corp.’s core net income by 21 percent to P1.6 billion during the quarter.

Toll revenues accelerated by 17 percent to P7.5 billion as a result of toll rate increases and traffic growth in the Philippines, Indonesia and Vietnam.

Average daily vehicle entries in Philippines and Vietnam rose by eight and four percent, respectively, while that in Indonesia declined by two percent.

Maynilad, for its part, delivered a core net income of P2.7 billion during the quarter, 26 percent higher year-on-year as revenues expanded by 29 percent to P8 billion.

Pangilinan said volumes could remain strong across the group’s core businesses for the balance of 2024.

“We also expect our healthcare, real estate and agribusiness investments to realize increasing contributions starting this year,” he said.

MPIC voluntarily delisted from the Philippine Stock Exchange and successfully re-privatized in 2023.