Aboitiz Power Corporation Reported a Net Income of P27.3 Billion in 9M24

Aboitiz Power Corporation’s (Aboitiz Power) beneficial Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) increased by 12% year-on-year to P56.1 billion for the first nine months ending September 30, 2024.

This was largely driven by higher generation portfolio margins, and additional capacities from the 159 megawatt (MW) Laoag and 94 MW Cayanga Solar Plants. In addition, the growth in Retail volume and higher energy sales from the Distribution Utility business further increased the Company’s beneficial EBITDA for the period. The same drivers resulted in beneficial EBITDA growth for the third quarter of 2024 at P19.8 billion, 19% higher than the P16.6 billion beneficial EBITDA for the same period in 2023.

The Company’s net income for the first nine months of 2024 was P27.3 billion. Despite recognition of depreciation and interest for GNPower Dinginin Ltd. Co.’s Units 1 and 2, the Company’s net income increased by 2% compared to the P26.7 billion recorded during the same period in 2023. Excluding forex and derivative gains, the Company’s core net income for the first nine months of 2024 was P27.2 billion, compared to P26.7 billion in the same period last year.

AboitizPower’s Generation and Retail Supply business beneficial EBITDA in the first nine months of 2024 was P50.9 billion, 11% higher than the P46.0 billion in the same period in 2023. This was driven by higher portfolio margins and energization of the Company’s Cayanga and Laoag solar plants. Energy sold reached 26,910 gigawatt-hours (GWh), or 2% higher compared to the same period in 2023.

During the first nine months of 2024, AboitizPower’s Distribution business beneficial EBITDA was P6.6 billion, higher by 11% from the P6.0 billion in the same period last year, driven by higher energy sales. Energy sales increased by 8% to 4,939 GWh in the first nine months of 2024, compared to 4,569 GWh in the same period in 2023 due to the higher demand driven by the effect of the El Niño phenomenon. Energy sales from Residential, Commercial and Industrial customers increased by 14% and 5% year-on-year, respectively.

As of September 30, 2024, AboitizPower’s total consolidated assets stood at P497.3 billion, which is 2% higher compared to year-end 2023 of P487.0 billion. Total cash and cash equivalents was P59.2 billion, while total consolidated interest bearing liabilities was P240.1 billion. Equity attributable to holders of the parent was P193.7 billion. As of September 30, 2024, the Company’s current ratio was 1.8x, the same as last year, while its net-debt-to-equity ratio was at 0.9x, versus year-end 2023’s 0.9x.