Pangilinan sees ‘low double-digit growth’ for full-year 2025 income
Manila Electric Co. (Meralco) recorded an 11 percent increase in consolidated core net income (CCNI) for the first three months of 2025 to P11.2 billion from P10.1 billion in the first quarter of 2024.
Meralco said growth was driven by improvements in both its power distribution and power generation businesses.
“In the first three months of 2025, the distribution utility business accounted for the largest share at 60 percent, or 6.7 billion of CCNI, out of the total P11.2 billion, up from a 58 percent share for same period last year,” Betty Siy-Yap, Meralco’s chief finance officer and senior vice president said in a briefing on Monday.
“…The power generation business’s share grew to 31 percent with a P3.4 billion contribution, also higher versus 27 percent last year. The RES (retail electricity service) business and non-electricity businesses brought in a combined P1.1 billion or a total 9 percent share,” she added.
Meanwhile, the firm’s consolidated revenues for the period improved by 10 percent to P114.5 billion from P104.5 billion.
The company’s consolidated energy sales for the quarter rose 1.5 percent to 12,493 gigawatt hours (GWh) from the previous year’s 13,307 GWh, largely driven by growth in the residential and commercial segments.
The company said the commercial segment had the biggest share of 38 percent in the energy sales mix, while residential and industrial accounted for 34 percent and 28 percent, respectively.
The company’s customer count for the period also reached 8.1 million, a 3 percent increase against last year’s 7.9 million.
Manuel Pangilinan, Meralco chairman and chief executive officer, said the company is set to have “low double digit” growth in its full year CCNI for 2025.
However, he mentioned that a definitive outlook for the company’s full-year 2025 income will be better provided when the second-quarter income results are out.
Pangilinan also said that this year’s economic activities could be “tough,” especially with the recent reduction of the World Bank in its forecast for the country’s gross domestic product to 5.3 percent from 6.1 percent.
