Aboitiz Equity Ventures Inc. recorded profit of P18.8 billion in the first nine months of the year, up 4 percent from P18 billion in the same period in 2023.
For the third quarter, profit was down 4 percent to P7.3 billion from P7.6 billion.
Power accounted f
or 64 percent of the total net income contributions from AEV’s strategic business units (SBU) for the first nine months while financial services and food and beverage SBUs each accounted for 19 percent.
“Our third-quarter results reflect not only the strength of our diversified businesses but also the positive momentum we are seeing in the broader economy. With inflation moderating and recent rate cuts providing relief, we are optimistic about the opportunities ahead. These improving macroeconomic conditions will allow us to continue to create long-term value for our stakeholders and to contribute to the economic growth of our country,” said Sabin Aboitiz, Aboitiz Group president.
AEV closed the third quarter with assets of P844.9 billion, flat compared to end-2023’s P833.9 billion.
Liabilities were at P453.0 billion, down 1 percent from P458.5 billion in end-2029. Shareholders equity hit P284 billion, up 4 percent.
