Metro Pacific sees banner year for profits

Manuel V. Pangilinan

MANILA, Philippines — Metro Pacific Investments Corp., the utilities and infrastructure giant led by tycoon Manuel V. Pangilinan, announced its highest ever profits in 2023 as major business units saw robust growth.

The owner of Manila Electric Co., toll roads, water services and hospitals said net income in 2023 surged almost 90 percent to P19.9 billion—beating internal income expectations for the year by more than 20 percent.

Metro Pacific chief finance officer June Cheryl A. Cabal-Revilla said earnings were lifted by the sharp rebound in its power generation segment, and higher tariffs at water arm Maynilad Water Services Inc.

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Revilla said the group will sustain double-digit profit growth in 2024, but at a slower pace than last year.

Pangilinan, Metro Pacific chair, said they were working to turn this year into another banner year for the group.

“All of our core business segments performed consistently well in 2023,” he said.

Metro Pacific went private last October following a buyout by major shareholders such as Indonesian tycoon Anthoni Salim and the Ty family’s GT Capital Holdings alongside Japanese industrial giant Mitsui, and Pangilinan’s personal holding company.

Weeks after its exit from the exchange, tycoon Ramon S. Ang announced an investment in Metro Pacific.

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For the rest of the year, Metro Pacific will spend P140 billion in group-wide capital expenditures, said Revilla, the CFO.

She added that bulk of the spending will be undertaken by Meralco, Global Business Power and Maynilad.

Metro Pacific Tollways (MPTC) — which operates express ways that includes those at North Luzon and Cavite-Laguna — also saw toll revenues jump 19 percent to P27.2 billion due to the higher volume. Core net income at MPTC rose 2 percent to P5.8 billion, the company said. —MIGUEL R. CAMUS