AboitizPower nets P33.9 billion

MANILA, Philippines — Aboitiz Power Corp. saw its earnings slightly increase to P33.9 billion in 2024 from P33.1 billion in 2023, fueled by higher energy sales.

The power arm of the Aboitiz Group also reported a five-percent rise in core net income to P33.7 billion from P32 billion on a yearly basis.

The growth was largely propelled by higher generation portfolio margins and robust energy sales from the distribution utility business.

“AboitizPower remains focused on delivering operational excellence in its power plants, developing a pipeline of new energy capacity and pursuing opportunities in its distribution and retail business,” AboitizPower chief finance officer Sandro Aboitiz said.

In the generation and retail electricity supply business, energy sales were flat at 36,004 gigawatt-hours.

The segment contributed a beneficial EBITDA (earnings before interest, taxes, depreciation and amortization) of P66.7 billion, up by 11 percent from P59.9 billion in 2023.

This was attributed to the energization of the Laoag solar plants and the full-year contribution of the Cayanga solar plant.

The distribution business, on the other hand, recorded hotter energy sales due to warmer temperatures caused by El Niño.

Energy sales from residential customers sizzled by 13 percent, while those of the commercial and industrial edged five percent higher.

“AboitizPower intends to grow its momentum, and we are excited to build the next wave of renewable energy projects in 2025 and beyond,” Aboitiz said.

At present, the company’s portfolio includes over 1,000 megawatts of disclosed projects from various indigenous energy sources, with plans to further scale up its renewables capacity to 4,600 MW by 2030.