Aboitiz Equity Ventures, Inc. Reported a PHP23.5 Billion Consolidated Net Income in 2023, a Lower 2%

Aboitiz Equity Ventures Inc. (AEV) reported consolidated net income of P23.5 billion in 2023, 2% lower than the P24.0 billion reported in 2022. Excluding non-recurring net gains of P1.4 billion, the company’s core net income for 2023 was P22.1 billion, which was 8% higher than the company’s core net income of P20.5 billion for 2022.

With P5.5 billion for the fourth quarter of 2023, the company's net income exceeded P2.7 billion for the same period in 2022 by 108%. The company's core net income for the fourth quarter of 2023 was P4.8 billion, a 10% increase year over year (YoY), excluding non-recurring net gains of P688 million during the period, which were primarily attributable to foreign exchange gains arising from the revaluation of US dollar cash and liquid financial instruments. Consolidated earnings before interest, tax, depreciation, and amortization (EBITDA) for the relevant period was P19.3 billion for AEV, a YoY increase of 12%.
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​In 2023, 67% of AEV's entire net income came from power, and 18% came from financial services. The Strategic Business Units (SBUs) of Infrastructure, Food, and Real Estate contributed 6%, 5%, and 4% in net income, respectively.

“Building on our resilience and steady core performance, we are ready for another exciting phase of growth and innovation. Our acquisition of Coke’s bottling operations with our partner Coca Cola European Partners (CCEP) accelerates our diversification into the consumer market. And the recently announced investment of AboitizPower in gas projects with Metro Pacific Investments Corporation (MPIC) and San Miguel Global Power (SMGP) diversifies our energy mix as we transition to cleaner energy. We are confident that 2024 will be a transformative year for AEV and its business units," said Aboitiz Group President and CEO Sabin M. Aboitiz.

Consolidated assets held by AEVs as of December 31, 2023, were ₱827.5 billion, 2% more than at the end of 2022. At ₱112.3 billion, cash and cash equivalents represented 11% of total assets, up from ₱101.5 billion at year's end in 2022. Consolidated liabilities decreased by 1% to ₱452.1 billion at year's end from ₱457.6 billion, while equity attributable to parent equity holders rose by 7% to ₱272.0 billion from ₱255.1 billion at year's end. As of December 31, 2023, AEV's net debt-to-equity ratio was 0.7x, and its current ratio was 2.2x.