TAIPEI. –Metro Pacific Investments Corp. (MPIC) expects to exceed its full-year core net income target following its record-high performance in the first nine months of 2024.
In a press conference here on Thursday, MPIC disclosed its consolidated core net income surged by 28 percent to a record figure of P20.8 billion in January to September versus the P16.2 billion posted in the same period in 2023.
“We closed our year-to-date three quarters with very good numbers. The trends would mean that we would be exceeding our target for 2024,” Chaye Cabal-Revilla, MPIC executive vice president, chief finance, chief risk and chief sustainability officer, told reporters during the media briefing.
“When you ask about our target, it’s P22.4 billion. We’re near that. It’s going to be over (the goal),” Cabal-Revilla said.
The company said improved financial and operating results from MPIC’s holdings delivered a 21-percent jump in contribution from operations to P24.3 billion, mainly due to the strong growth in energy sales at Manila Electric Co. (Meralco), higher billed volumes at Maynilad Water Services Inc. and increased traffic on the toll roads complemented by higher tariffs.
Among its core businesses, power accounted for the largest share at P15.3 billion or 63 percent of net operating income (NOI).
Toll roads and water contributed P5.1 billion and P4.5 billion, respectively, representing 39 percent of NOI.
Reported net income rose faster at 44 percent to P23.1 billion from P16.1 billion, which the company attributed to additional non-recurring gains from MPIC’s real estate business.
“Our power, toll roads and water business continued to deliver double-digit growth in earnings on the back of strong volumes and the impact of long overdue tariff adjustments,” Manuel V. Pangilinan, MPIC chairman, president and chief executive officer, said in a statement.
“All our businesses are investing heavily in service quality and operational efficiency to improve the lives of our customers while at the same time growing our sales and core profitability to create value for our investors. With MPIC continuing to maintain a low cost of capital, the company is poised to maintain its very strong growth trajectory for the rest of the year,” Pangilinan added.
As for the individual performance of its core operating companies, Meralco’s consolidated core net income went up by 17 percent to P35.1 billion on the back of higher contributions from power generation, retail electricity supply and non-power businesses. Its reported net income likewise improved by 19 percent to P33.8 billion.
Metro Pacific Tollways Corp.’s toll revenues increased by 16 percent year-on-year to P23 billion due to a combination of toll rate hikes in all markets and traffic growth in the Philippines, the company said.
Its core net income improved further by 28 percent to P5.2 billion, boosted by a higher share in net earnings of equity-accounted Vietnam and Indonesian toll roads.
Maynilad’s revenues grew 23 percent to P24.9 billion, as it reflected a 3 percent increase in billed volumes and a 20 percent tariff adjustment in early January.
Maynilad’s core net income jumped by 37 percent to P9.3 billion, supported further by lower operating expenses.