Metro Pacific nets P140B
Metro Pacific Investments Corp., said profit in 2023 hit P19.9 billion, a 90 percent increase from the prior year’s P10.5 billion.
The company set a capex of P140 billion for 2024.
June Cheryl Cabal-Revilla, MPIC chief finance officer, said of the amount, P41 billion will go to the power business particularly Manila Electric Co.; P31.4 billion will go to the water business under Maynilad Water Co. Inc.; and P27 billion for the tollways business under Metro Pacific Tollways Corp. .
“Improved financial and operating results from MPIC’s holdings delivered a 29 percent increase in contribution from operations to a record high P24.5 billion, mainly driven by the strong performance of the power generation business and higher water tariffs at the water concession,” the company said.
Power contributed P15.2 billion or 62 percent of net operating income while tollroads and water contributed P5.8 billion and P4.4 billion, respectively.
Core profit hit P19.5 billion, up 38 percent to P19.5 billion from P14.2 billion.
“All of our core business segments performed consistently well in 2023. We are working hard to make 2024 another banner year for MPIC and our operating companies on the expectation that greater private sector participation in infrastructure development will help propel our nation to higher growth in the near term and further ahead,” said Manuel Pangilinan, MPIC chairman.
SMFB profit grows 10%
San Miguel Food and Beverage Inc. (SMFB) said profit grew 10 percent last year to P38.1 billion, from P42.33 billion the prior year.
Sales reached P379.8 billion, up 6 percent increase from the previous year, with all business units reporting growth in sales compared to 2022, attributed to improved volumes and pricing strategies.
“ We’re determined to build on our gains, and continue finding ways to excite and delight our markets, while delivering the same high quality, best value products that have been trusted and enjoyed by generations,” said Ramon Ang, SMFB chief executive officer.
The beer division posted an 8 percent sales increase to P147.3 billion, fueled by higher demand in both local and international markets.
Domestic sales volumes, however, are still 25 percent below pre-pandemic levels.
Domestic sales were up 8 percent to P131.7 billion.
The international revenue meanwhile was up 7 percent.
The spirits business posted sales of P53.6 billion, up 13 percent while the food business recorded revenues of P178.8 billion, up 2 percent.
DMCI profit drops 20%
DMCI Holdings Inc. said profit last year dropped 20 percent to P24.9 billion from P31.1 billion.
Higher net income contributions from the real estate, off-grid energy, and water utility businesses muted the impact of lower contributions from the integrated energy, nickel and construction subsidiaries, the company said.
Revenues dropped 14 percent to P122.8 billion from P142.6 billion with the normalizing coal, nickel and electricity prices, alongside a slowdown in construction and real estate activities, and an increase in revenue reversals stemming from the cancellation of real estate sales.
The group said excluding a 2022 non-recurring loss of P93 million mostly from the asset write-down of two gas turbines under Southwest Luzon Power Generation Corp. and a net non-recurring gain of P46 million mostly attributable to gain on sale of land by DMCI Homes in 2023, consolidated core net income decreased by 20 percent from P31.2 billion to P24.7 billion.
“We saw sharp corrections in commodity and energy prices in 2023 but because our businesses did very well in terms of production and sales volume, we managed to prevent a severe decline in our profitability,” according to Isidro Consunji, DMCI Holdings chairman.
Atlas income falls 65%
Atlas Mining and Development Corp. recorded a 65- percent drop in consolidated net income after tax in 2023 to P1.1 billion from P3.2 billion in 2022 on lower copper prices and the recognition of one time gain on early payment of loan.
Atlas Mining told regulators yesterday average copper metal price for the period slumped by 15 percent at $3.81 per pound (lb) from 2022’s $4.51 per lb while average gold price went up 8 percent to $1,949 per ounce from $1,804 per ounce.
The company said milling tonnage dropped 0.3 percent to 16.8 million dry metric tons (dmt) from 16.86 million dmt with daily milling average also decreasing by 0.3 percent to 46,030 dmt from 46,189 dmt.
Atlas Mining booked a 13 percent increase in gross revenues to P19.91 billion from P17.68 billion. – Jed Macapagal