Aboitiz Power Corp. ended 2022 with record-high P27.5 billion in net income, up by 32 percent, due mainly to gains in commodity hedges and higher water inflows that boosted its hydropower business.
The company’s core net income last year likewise increased by 27 percent to P26.5 billion from P20.8 billion the previous year.
“Our pursuit of delivering reliable and sustainable power to our customers and our strategic investments in renewable energy have enabled us to remain resilient and adapt to changing market conditions,” said AboitizPower president and CEO Emmanuel Rubio.
For the fourth quarter alone, AboitizPower had a consolidated net income of P8 billion, a 56-percent growth from 2021 level. Non-recurring losses in the same period were at P167 million while non-recurring gains were at P71 million.
Without the non-recurring items, AboitizPower’s core net income in the fourth quarter increased by 61 percent year-on-year to P8.2 billion.
“As we move forward, we will continue to focus on expanding our renewable energy portfolio and leveraging digital technologies to enhance our operations and customer service,” he added.
Capacity sold in 2022 went up by 7 percent to 4,034 megawatts (MW) while energy sold increased by 16 percent to 30,251 gigawatt-hours from the previous year.
AboitizPower’s total consolidated assets were at P477.6 billion by yearend, 12 percent higher than in 2021.
The power sector was severely impacted by the pandemic due to reduced demand in electricity and gas, as well as reduced payment capability by customers, according to the Asian Development Bank.
In 2019 or before the pandemic erupted, AboitizPower booked about P17.3 billion in net profit, which dwindled to P12.6 billion in 2020.
Earlier this year, AboitizPower said it aimed to build an additional 3,000 MW of renewable energy (RE) by 2030, increasing its capacity to 4,600MW. AboitizPower currently has around 1,000 MW of disclosed RE projects.
The firm also recently signed a memorandum of understanding to lead a Philippine-Japan consortium exploring the development of technology and an integrated system for RE projects. INQ
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AboitizPower, foreign firms forge deal to explore renewable energy projects