Metro Pacific 2024 core earnings hit record high P23.6B

Manuel V. Pangilinan – File photo

MANILA, Philippines – Higher energy sales and billed volumes at its utility units buoyed the 2024 core earnings of Metro Pacific Investments Corp. (MPIC) by 21 percent to a record P23.6 billion.

The Manuel Pangilinan-led conglomerate said in a statement on Wednesday that its net income, which includes nonrecurring gains from MPIC’s real estate business, had likewise surged by 41 percent to P28.2 billion.

“This success is a result of strong volumes and the positive impact of long-overdue tariff adjustments,” said Pangilinan, MPIC chair, president and CEO.

READ: MPIC seen breaching P22.4-B full-year performance goal

Power distributor Manila Electric Co. (Meralco) was the main growth driver as its revenues rose by 6 percent to P470.4 billion on higher energy sales.

Meralco’s net income jumped by 21 percent to P45.9 billion on the back of higher contributions from power generation, retail electricity supply and non-power businesses.

Meanwhile, Metro Pacific Tollways Corp. saw its revenues jump by 16 percent to P31.6 billion on toll rate increases and domestic traffic growth.
Its bottom line expanded by 28 percent to P6.5 billion.

Maynilad Water Services Inc., on the other hand, reported a 23-percent growth in revenues to P33.5 billion on higher billed volumes and a tariff adjustment that was reflected in January 2024.