Aboitiz Power Corp. reported a 4 percent growth in its net income for the first quarter of 2024 at P7.9 billion, from P7.5 billion in the same period last year.
The company said excluding non-recurring items, its core net income rose by 3 percent to P7.8 billion in the January to March period, from P7.6 billion year-on-year.
The gains were primarily attributed by Aboitiz Power to higher generation portfolio margins.
Energy sold by the company’s generation and retail electricity supplier segments for the period grew by 1 percent to 8,812 gigawatt hours (GWh) from 8,725 GWh the previous year.
Its distribution business increased energy sales by 9 percent to 1,526 GWh from 1,404 GWh, due to higher demand driven by the effect of the El Niño phenomenon.
“AboitizPower continued its strong performance in the first quarter of 2024, building on its successful 2023. This momentum reflects the effectiveness of our investments and growth strategies, which further reinforces our dedication to providing reliable, affordable, and sustainable power while driving the nation’s development,” said Emmanuel Rubio, Aboitiz Power president and chief executive officer, in a statement.
