AboitizPower earnings rise 37% on improved generation, distribution

MANILA  -Improvements in Aboitiz Power Corp.’s generation and distribution units pulled up the company’s earnings in the first nine months of the year to P26.7 billion.

In a stock exchange disclosure on Tuesday, AboitizPower said this was a 37-percent increase from the P19.5 billion recorded net income in the same period last year.

“The company had an impressive performance in the first nine months of the year compared to the same period in 2022, powered by our resilience, adaptability and vision,” said Emmanuel Rubio, AboitizPower president and chief executive officer.

Higher availability and fresh contributions from GNPower Dinginin Ltd. Co., AboitizPower’s 1,336-megawatt (MW) coal-fired power plant in Bataan province, triggered a 20-percent increase in the generation and retail supply business’ Ebitda (earnings before interest, taxes, depreciation and amortization) to P46.7 billion.

Capacity sold from January to September climbed by 19 percent to 4,705 MW, while energy sold rose by 21 percent to 26,493 gigawatt-hours.

The distribution unit, meanwhile, doubled its Ebitda to P7.2 billion as energy sales from residential, commercial and industrial customers rose.

“Looking ahead to 2024, we are optimistic about our prospects. Building upon the momentum of 2023, we look forward to diversifying our energy offerings further, focusing on sustainable practices and crafting more technology-driven energy solutions,” Rubio said.

Earlier this year, AboitizPower announced that it aimed for 100-percent vehicle electrification by 2040.

The company planned on deploying 160 electric vehicles in its fleet by the end of the decade.