AEV earns P17.3 billion in 9 months

MANILA, Philippines — Earnings of conglomerate Aboitiz Equity Ventures Inc. (AEV) slipped in the nine months ending September as a strong third quarter failed to offset softer first half results.

AEV reported a net income of P17.3 billion from January to September, eight percent lower than the P18.8 billion recorded during the same period last year.

The company gained momentum in the third quarter, posting a net income of P8.9 billion, up by 71 percent from the previous quarter, driven by stronger performance across most of its business units.

“AEV’s results this quarter reflect the resilience of our portfolio and the dedication of our teams across all our businesses. We continue to invest in growth areas that create long-term value for our stakeholders,” Aboitiz Group president and CEO Sabin Aboitiz said.

AboitizPower continues to be the group’s largest contributor, accounting for P12.5 billion of AEV’s earnings in the first three quarters.

The company benefitted from higher generation margins, better hydro inflows and new solar capacity from projects in Laoag, Armenia and Calatrava.

The food and beverage segment contributed P5.2 billion to AEV’s earnings during the nine-month period, supported by stronger results from AboitizFoods’ flour, farms and trading businesses, as well as contributions from Coca-Cola Europacific Aboitiz Philippines.

Earnings contribution to AEV of UnionBank stood at P3.2 billion, lower year-on-year, as the bank’s improved net interest margins and higher fee-based income were offset by one-time write-offs and other credit costs.