Manila Water earnings soar by 87% in 2024
INQUIRER FILE PHOTO
MANILA, Philippines — Razon-led Manila Water’s earnings in 2024 soared by 87 percent following the strong performance of its core business.
In a disclosure to the local bourse, the group said its net income ballooned to P10.97 billion from P5.87 billion a year ago.
The group’s topline likewise increased to P36.65 billion compared to the P30.71 billion generated in 2023. The majority, or P34.85 billion in the revenues, came from water and wastewater services.
“This exceptional performance was driven by robust topline growth in the East Zone Concession and a substantial positive contribution from its Non-East Zone Philippines (NEZ PH) businesses,” the company said in a separate statement.
“Complementing these revenue gains was the company’s ongoing cost management and operational efficiency initiatives which played a crucial role in enhancing profitability,” it added.
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Cost and expenses in the period reached P11.8 billion.
Manila Water serves the east zone network of Metro Manila, covering parts of Marikina, Pasig, Makati, Taguig, Pateros, Mandaluyong, San Juan, portions of Quezon City and Manila, and several towns in Rizal province.
Outside the east zone concession, Manila Water has businesses in Laguna, Clark, Boracay, and Estate Water. The firm said this segment witnessed “a banner year” driven by an 8-percent jump in billed volume, tariff adjustments, and stronger contributions from key business units.
“I am particularly buoyed by the solid growth of our Non-East Zone businesses, which more than tripled earnings to surpass the P2.0 billion mark. The work we do with government and water district partners in Laguna, Boracay, Cebu, Clark as well as the communities served by our Estate Water Group, continues to propel us to do better outside of our core East Zone business which has also shown stellar results,” said Manila Water president and chief executive officer Jocot de Dios.
However, despite the solid performance of its local operations, Manila Water said its international business provided weaker contributions, particularly from investments in Thailand and Vietnam.
“The company continues to closely assess its international portfolio while continuing to explore opportunities for long-term value creation,” it said.
Meanwhile, the firm spent P26.3 billion in capital expenditures last year.
