AboitizPower’s 9-month core profit rose 1.9% to P27.2B

Aboitiz Power Corp. recorded slightly higher core net income in the January to September period on the back of strong generation and distribution businesses.

Not taking into account foreign exchange and derivative gains, the company said core profit inched up to P27.2 billion in the first nine months, rising 1.9 percent from P26.7 billion a year ago.

Meanwhile, cash flow as measured by earnings before interest, taxes, depreciation, and amortization (Ebitda) jumped by 12 percent to P56.1 billion in the period.

READ: Aboitiz Power’s core profit down 4% in H1

This was thanks mainly to the company’s higher generation portfolio and added capacities from the activation of two facilities—the 159-megawatt (MW) Laoag and 94-MW Cayanga solar parks.

The power giant’s generation and retail supply business showed robust performance, with its beneficial Ebitda climbing 11 percent to P50.9 billion from P46 billion previously.

Also, the company said energy sold during the period hit 26,910 gigawatt-hours (GWh), 2 percent up from a year ago.

Further, The group’s distribution operation saw its beneficial Ebitda rise by 11 percent to P6.6 billion from P6 billion.

Following a spike in electricity usage amid warmer temperatures due to the El Niño climate phenomenon earlier this year, energy sales increased by 8 percent to 4,939 GWh from 4,569 GWh.

AboitizPower said its total consolidated assets stood at P497.3 billion as of the end of September.

The firm focuses on power generation, power distribution, retail electricity services and distributed energy. Its power generation portfolio includes both renewable and nonrenewable generation plants.

By 2030, the group hopes to have 4,600 MW of renewable capacity.

AboitizPower holds interests in several distribution utilities that supply power to franchise areas in 18 cities and towns and five economic zones across the archipelago. —Lisbet K. Esmael