Metro Pacific Investments Corp. (MPIC) of tycoon Manuel V. Pangilinan booked a 23-percent surge in six-month net income on the improved performance of its subsidiaries, particularly its core businesses, with the company poised for another banner year.
Its first-half net income of P12.5 billion already represents 62.8 percent of its P19.9-billion record earnings for the entire 2023.MPIC on Monday also said revenues expanded by 21.8 percent to P35.76 billion.
Power under Manila Electric Co. (Meralco) contributed the largest share to the group’s net operating income at 68 percent, or P10.1 billion.
READ: MPIC to add dairy farms to agriculture portfolio
Toll roads via Metro Pacific Tollways Corp. (MPTC) and water through Maynilad Water Services Inc. accounted for P3.2 billion and P2.5 billion, respectively.
According to MPIC, high energy sales—up by a tenth to 26,954 gigawatt-hours—boosted the earnings of Meralco by 26 percent to P22.4 billion.
The increase in energy sales was due to the seasonally high demand during the summer, as more consumers used air conditioning units and other cooling devices.
Although slightly offset by lower energy fees at Global Business Power, revenues inched up by 6 percent to P237.5 billion.
At the same time, MPTC’s net income swelled by a quarter to P3.4 billion on higher revenues.
Toll revenues climbed by 18 percent to P15.4 billion as toll rates increased, alongside traffic growth in its domestic market.
READ: Metro Pacific sees banner year for profits
Maynilad booked a 29-percent surge in earnings to P5.6 billion as its billed volumes rose, alongside a 19.8-percent tariff adjustment in January.
Revenues likewise increased by 23 percent to P16.4 billion.
“With MPIC continuing to maintain a low cost of capital in a rising interest rate environment, the company is poised to maintain its strong growth trajectory for the rest of the year,” MPIC chair, president and CEO Pangilinan said.
Apart from its core businesses, MPIC also has interests in the agriculture sector through Metro Pacific Agro Ventures (MPAV).
Last month, MPAV announced its expansion into the dairy industry via its acquisition of Universal Harvester Dairy Farms Inc. (UHDFI) in a deal that would value the latter at P700 million.
UHDFI currently operates under Bukidnon Milk Company, which produces fresh and flavored milk and yogurt and cheese products.
This comes two years after acquiring a controlling stake in the Magsaysay family’s ice cream maker, The Laguna Creamery Inc., also known as the popular Carmen’s Best brand, for nearly P200 million. INQ