Aboitiz Power Corporation Reported a PHP 33.1 Billion Core Net Income in 2023, Up 27%

For the full year 2023, AboitizPower Corporation's (AboitizPower) core net income was P32.0 billion, which was 29% more than the P24.8 billion reported in 2022. Primarily, the rise was caused by new contributions from GNPower Dinginin Ltd. Co. (Philippines) (GNPD) and increased availability throughout the whole generation portfolio of the company. The corporation reported P33.1 billion in net income for the entire year 2023, which was 27% more than P26.0 billion for the same period in 2022.

In the fourth quarter of 2023, AboitizPower's core net income was P5.2 billion, which was 20% less than the same period the year before. The Wholesale Electricity Spot Market's declining prices served as the catalyst for this. For the fourth quarter of 2023, the company recorded P6.4 billion in net income, 2% less than for the same period in 2022.

"AboitizPower is pleased to share that we had a strong financial performance in 2023, especially considering ongoing market challenges. This achievement further strengthens our position as a leader in the industry. We are steadfast in our pursuit of sustainability, and you can see that in our ongoing clean energy investments, ESG ratings, and corporate governance awards,” said AboitizPower President and Chief Executive Officer Emmanuel V. Rubio.

“Looking ahead, our focus remains on responsible growth through strategic investments, streamlining operations, and building strong partnerships. Our goal is to pave the way for a brighter energy future for everyone,” he added.

Generation and Retail Electricity Supply

AboitizPower’s generation and retail supply business recorded EBITDA of P61.3 billion in 2023, 20% higher than the P51.2 billion recorded in 2022. This was primarily due to fresh contributions from GNPD and higher availability across the Company’s portfolio. Energy volume sold in 2023 increased by 17% to 35,372 gigawatt-hours (GWh) compared to 30,251 GWh in 2022.

Distribution

During 2023, AboitizPower’s distribution business recorded EBITDA of P8.7 billion, 8% higher than the P8.0 billion recorded in 2022. Energy sales increased by 6% to 6,157 GWh in 2023, compared to 5,785 GWh in 2022. Energy sales from the Residential customer segment was higher by 8% and Commercial and Industrial energy sales were higher by 6%, due to recoveries in demand in the areas affected by Typhoon Odette and resurgence of energy sold back to pre-pandemic level.

Financial Condition

As of December 31, 2023, Aboitiz Power’s total consolidated assets stood at P487.0 billion, 2% higher than the year-end 2022 amount of P477.4 billion. Total cash and cash equivalents was P54.5 billion, while total consolidated interest bearing liabilities was P237.1 billion. Equity attributable to holders of the parent was P180.1 billion. As of December 31, 2023, the Company’s current ratio was 1.8x versus year-end 2022’s 1.8x, while its net-debt-to-equity ratio was at 0.9x, versus year-end 2022’s 1.0x.