MANILA Electric Co. (Meralco) recorded a 26- percent jump in its net income in the first six months of the year to P23.12 billion from P18.35 billion in the same period in 2023.
Revenues increased 6 percent to P237.48 billion from P224.82 billion. Meralco attributed the growth to higher sales volumes from its distribution business as well as increased sales in the second quarter due to higher availability of its power generation subsidiary’s plants.
The company’s consolidated energy sales for the first half of the year rose 9 percent to 26,954 gigawatt hours (GWh) from 24,792 GWh in 2023.
Meralco said its six-month sales volume was boosted by second-quarter sales which hit a new record.
May volume breached the 5,000 GWh-level in May, largely driven by the double-digit growth in residential and commercial segments.
The company said the commercial segment had the biggest share of 37 percent in the energy sales mix while residential and industrial accounted for 36 percent and 26 percent, respectively.
The company’s customer count for the period reached 7.9 million, a 3-percent increase against last year’s 7.7 million.
