Aboitiz Power Corporation Ended Q12024 with P7.8 Billion in Core Net Income

The core net income of Aboitiz Power Corporation (AboitizPower) for the first quarter of 2024 was P7.8 billion, which is a 3% increase over the P7.6 billion reported in 2023. Increased generation portfolio margins were the main cause of the increase. The company recorded P7.9 billion in net income for the first quarter of 2024, which is P4.5 billion for the same time in 2023. This is a 4% increase.

“AboitizPower continued its strong performance in the first quarter of 2024, building on its successful 2023. This momentum reflects the effectiveness of our investments and growth strategies, which further reinforces our dedication to providing reliable, affordable, and sustainable power while driving the nation’s development,” AboitizPower President and Chief Executive Officer Emmanuel V. Rubio said.

“Looking ahead, we’re excited about the new growth drivers emerging this quarter. By leveraging these opportunities, we remain confident in our ability to unlock shared success for all our stakeholders.”

In the first quarter of 2024, AboitizPower's retail supply and generating business reported P13.8 billion in EBITDA, which was P3.1 billion during the same period in 2023. This is a 5% increase. Compared to 8,725 gigawatt-hours (GWh) in the same period in 2023, energy sales climbed by 1% to 8,812 GWh in the first quarter of 2024. Higher portfolio margins also played a major role in the growth in EBITDA.
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AboitizPower's distribution business reported P2.6 billion in EBITDA for the first quarter of 2024, 11% less than P2.9 billion for the same period in 2023. Due to increased demand brought on by the El Nino phenomenon, energy sales climbed by 9% to 1,526 GWh in the first quarter of 2024 from 1,404 GWh at the same time in 2023. Residential, commercial, and industrial customers saw increases in energy sales of 15% and 6%, respectively. However, the advantageous timing of the pass-through charges that were recorded in 2023 as a result of the lowering gasoline prices was also a major contributing factor to the EBITDA drop.

AboitizPower's total consolidated assets as of March 31, 2024, were P489.6 billion, 1% more than the P487.0 billion at year's end in 2023. P53.6 billion was the total amount of cash and cash equivalents, whereas P246.0 billion was the total amount of consolidated interest-bearing obligations. P172.4 billion was the equity attributed to parent company holders. The company's net debt-to-equity ratio was 1.0x as of March 31, 2024, compared to year-end 2023's 0.9x, and its current ratio was 1.6x as of March 31, 2023.

AboitizPower is the Philippines’ leading provider of renewable energy, advancing business and communities towards A Better Future.