Manila Electric Co. (Meralco) booked a 13 percent improvement in its core net income in 2021 to P24.6 billion compared to the previous year’s P21.71 billion, as energy sales volume returned to pre-pandemic levels.
Revenues rose 16 percent to P318.54 billion compared from P275.3 billion.
The company’s energy sales last year increased 6 percent to 46,073 gigawatt hours (GWh) from the previous year’s 43,572 GWh, driven by sustained residential consumption, ramp-up in commercial volumes amid more relaxed quarantine restrictions and strong industrial rebound within the franchise areas.
Residential sales with a share of 37 percent increased 3 percent backed by the continued work-from-home arrangements and online classes. Commercial accounts which contribute 33 percent also grew 3 percent due to the reopening of the economy and increased mobility.
Industrial sales which represent 30 percent of the total energy sales volume, booked the highest increase at 13 percent due more power demand by the sectors of semiconductors, cement, steel, plastic products, food and beverage.
Customer count for the year also reached 7.4 million in 2021, a 4 percent increase against last year’s 7.1 million.
