Aboitiz Group net income down 23%

Aboitiz Group net income down 23% in 2024

MANILA, Philippines – A one-time gain in its infrastructure unit recognized in 2023 pulled down the earnings of the Aboitiz Group last year by 23 percent to P18.1 billion.

Without P7.4 billion worth of nonrecurring items, the net income of Aboitiz Equity Ventures Inc. (AEV) would have climbed by 15 percent to P25.5 billion, the conglomerate said in its stock exchange filing on Monday.

Aboitiz Power Corp., the group’s main income contributor, booked a 4-percent gain in its net profit to P18 billion due to its higher generation portfolio margins and energy sales from its distribution utility business.

READ: AboitizPower nets P33.7 billion in core profit

Banking under Union Bank of the Philippines ended the year with a 32-percent surge in its bottom line to P6 billion on growth in its loan portfolio.

The food and beverage segment, which includes Pilmico Foods Corp., Pilmico Animal Nutrition Corp., Pilmico International Pte. Ltd. and Coca-Cola Europacific Aboitiz Philippines Inc., quadrupled its net income to P5.9 billion on the back of stabilizing commodity prices and fresh contributions from its newly acquired beverage firm.

Meanwhile, Aboitiz Land Inc. reported a net income of P943 million, down 9 percent due to the absence of asset monetization gains recognized in 2023.

Aboitiz InfraCapital Inc. likewise saw its earnings plunge by 73 percent to P644 million due to a one-time gain in 2023.