Aboitiz Power Corp. recorded a 79- percent jump in consolidated net income in the first half of the year at P17.8 billion fro P10 billion in the same period in 2023.
The company said it recognized non-recurring gains of P37 million, primarily due to derivative gains from commodity hedging, compared to the P853 million in non-recurring gains recorded during the same period in 2022.
Aboitiz Power said without these one-off gains, its core net income fwas P17.8 billion, a 95 percent increase year-on-year.
“The company had an exceptional performance in the first six months of 2023, driven by fresh contributions of our strategic investments and operational excellence outcomes. We remain on track toward achieving a 50:50 balanced mix portfolio by 2030 and continue to focus on providing reliable and innovative power while adapting to dynamic market conditions,” said Emmanuel Rubio, Aboitiz Power president and chief executive officer, in a statement.
