Aboitiz Equity Ventures Inc. (AEV) posted a 9-percent decline in profit last year to P24.8 billion from P27.3 billion in 2021.
The company recognized non-recurring gains of P3.5 billion in 2022, primarily due to foreign exchange gains from the revaluation of US dollar cash and liquid financial instruments, compared to the P527 million in non-recurring gains recorded in 2021.
Without these one-off gains, AEV’s core net income for 2022 was P21.3 billion, a 21 percent decrease.
Power accounted for 62 percent of the total income contributions from the various businesses, while financial services accounted for 27 percent.
Income contributions from real estate, food, and infrastructure were at 11 percent, 0 percent, and -1 percent, respectively.
AEV recorded consolidated earnings before interest, taxes, depreciation and amortization of P71.1 billion in 2022, 6 percent higher than the P67.2 billion recorded in 2021.
As part of its transformation strategy, in late 2021 AEV entered into a strategic partnership with JERA Asia Private Limited for Aboitiz Power Corp. . AEV’s equity ownership in AboitizPower was reduced from 77 percent to 52 percent effective end of 2021, resulting in a lower share in AboitizPower’s earnings, as reflected in the full-year results of 2022.
“As we closed another transformative year for the Aboitiz Group, our techglomerate continues to take shape, not just in our financial reports, but also in the major culture shifts taking place within our organization. We will continue to focus our energy and resources on strategic innovation and, more importantly, on people and talent,” said Sabin Aboitiz, Aboitiz Group president.
