Manila Water doubles post-lockdown profit
MANILA -Concessionaire Manila Water Co. Inc. registered a 108-percent rise in earnings in the first three months, thanks to higher water demand from households and commercial users.
In a stock exchange disclosure, Manila Water said its net income from January to March grew to P2.29 billion from P1.1 billion the previous year.
The Razon-led company’s total billed volume rose by a quarter to 325.28 million cubic meters (mcm), with Metro Manila’s east zone concession in accounting for 124.8 mcm.
Manila Water Asia Pacific, which holds the company’s international investments, saw a 49-percent increase in billed volume to 164 mcm from 110.1 mcm last year.
At the same time, revenues grew by 44 percent to P7.38 billion on the back of strong sales. This is also driven mainly by the 4-percent increase in total connections to 1.3 million from 1.25 million last year.
To recall, the east zone concessionaire earned P5.9 billion in 2022 as customer demand continued to recover in the aftermath of pandemic-induced lockdowns.
Manila Water supplies water to customers in parts of Makati, Mandaluyong, Pasig, Pateros, San Juan, Taguig, Marikina, Quezon City, Manila and Rizal province.
It recently announced that it had agreed to add four new cross-border sharing sites to augment supply for the concession area of its west zone counterpart, Maynilad Water Services Inc.
The cross-border sharing deal allows Maynilad to tap treated water from Manila Water’s distribution network, as the latter services fewer customers.
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