Metro Pacific Investments Corp. (MPIC) posted profits of P10.49 billion in 2022, up 4 percent from the P10.12 billion reported the prior year.
“Improved financial and operating results at MPIC’s holdings delivered a 10 percent increase in contribution from operations, mainly driven by strong recovery in toll road traffic and growth in power consumption,” the company told regulators.
MPIC said its power business accounted for P12.4 billion or 65 percent of net operating income; toll roads contributed P5.7 billion or 30 percent; water, P2.7 billion or 14 percent; while its other businesses, mainly light rail, healthcare, agribusiness, real estate and fuel storage incurred a loss of P1.8 billion.
The company reported a core profit of P14.2 billion, up 15 percent from P12.3 billion a year earlier.
“Our continuing earnings growth reflects significant volume increases for all our core businesses together with our intense focus on operational efficiencies. This has been achieved on the strength of years of significant investments in improving the quality of our services,” said Manuel Pangilinan, MPIC chairman.
“It has been a transformative year for MPIC. With the same commitment that we have poured into the country’s underinvested utilities sector, we have now bravely pushed ahead with our plans to invest in Philippine agriculture, a critical area of focus with profound ties to poverty reduction and food security. We have always believed that improving the quality of essential services and helping to address the basic needs of our stakeholders is a necessary step in creating sustainable long-term value,” Pangilinan added. – Ruelle Castro
