Manila Electric Co. (Meralco) reported a 20-percent increase in net income in 2024 at P46.47 billion, a record-high, driven by higher energy sales volume. Its net income in 2023 stood at P38.68 billion.
The company said in a briefing Monday its energy sales last year was at all-time best, posting 6 percent growth at 54,325 gigawatt hours (GWh) from the previous year’s 51,044 GWh as all segments recorded improvements.
Commercial energy sales, which represent 38 percent of the pool, rose by 9 percent mainly due to business expansion activities, such as
redevelopment of mall spaces, new store openings and surge in office occupancy rates, Meralco added.
Meralco also noted increased demand from hotels, educational institutions and restaurants with more in-person activities and tourist arrivals, coupled with higher demand for air-conditioning.
Meanwhile, residential sales, which represent 36 percent of the total energy sales volume, also grew by 9 percent, pushed by the effects of the El Niño phenomenon, which raised annual average temperatures by 0.45°C that triggered prolonged usage of cooling devices at home.
According to Meralco, consistent energization of horizontal developments located in greater Metro Manila and resilient organic consumption also boosted residential sales.
The industrial segment, with a 26 percent share, improved marginally by 1 percent as the slight growth in top contributor, the semiconductor industry, was not enough to offset the negative impact of operational disruptions and unfavorable market conditions in the steel industry and slowdown in dispatch from embedded generators, Meralco said.
Higher production demand drove growth in sector pillars non-metallic, plastics, food and beverage, the company added.
