Aboitiz Power Corp. grew its profit last year by 32 percent to P27.5 billion from P20.8 billion in 2021.
The company also recognized non-recurring gains of P1 billion in 2022, versus the P57 million in non-recurring gains recorded in 2021. This relates to the portion of commodity hedge gains which were not recognized in fuel costs.
Without the one-off gains, Aboitiz said its core profit will be around P26.5 billion, up 27 percent from P20.8billion in 2021.
“We have achieved another strong year in 2022, despite the challenges posed by the ongoing pandemic. Our pursuit of delivering reliable and sustainable power to our customers and our strategic investments in renewable energy have enabled us to remain resilient and adapt to changing market conditions,” said Emmanuel Rubio, AboitizPower president.
“As we move forward, we will continue to focus on expanding our renewable energy portfolio and leveraging digital technologies to enhance our operations and customer service. We remain optimistic about the future and are confident in delivering long-term value to all our stakeholders,” Rubio added.
AboitizPower said its generation and retail supply business posted earnings before interest tax depreciation and amortization of P51.2 billion, 18 percent higher than the P43.4 billion recorded in 2021.
AboitizPower said it sold a total of 30,251 gigawatt-hours (GWh) in electricity, up 16 percent from 26,031 GWh in 2021.
In the distribution business, AboitizPower facilitated the sale of 5,785 GWh in electricity in 2022, compared to 5,583 GWh in 2021.
“Energy sales from the residential customer segment were flat. Commercial and industrial energy sales were higher by 5 percent due to recovering demand,” it said.
AboitizPower said it closed 2022 with a total asset of P477.6 billion, up 12 percent from P427.4 billion.
“Total cash and cash equivalents was P64.8 billion, while total consolidated interest bearing liabilities was P248.4 billion,” it said.
“As of Dec. 31, 2022, the company’s current ratio was 1.8x versus year-end 2021’s 1.5x, while its net-debt-to-equity ratio was at 1.0x, versus year-end 2021’s 1.1x,” it added.
