Aboitiz Power's Core Net Income in 2024 Grew by 5% to P33.7 Billion

​Aboitiz Power Corporation’s beneficial Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) grew by 13% year-on-year to P73.3 billion for full year 2024. 

This growth was largely driven by higher generation portfolio margins and higher energy sales from the Company’s Distribution Utility business. Additional capacities from the 159 megawatt-peak (“MWp”) Laoag and 94 MWp Cayanga Solar Plants and growth in Retail Supply volume further increased the Company’s beneficial EBITDA for the period. These same drivers resulted in beneficial EBITDA growth for the fourth quarter of 2024 at P17.2 billion, 20% higher than the P14.4 billion beneficial EBITDA in the same period in 2023.

Despite recognition of depreciation and interest for GNPower Dinginin Ltd. Co.’s (GNPD) Units 1 and 2, the Company’s net income increased by 2% to P33.9 billion, compared to P33.1 billion in 2023. Excluding the impact of the GNPD depreciation and interest, the Company’s net income growth would have been 18% year-on-year. The Company’s core net income in 2024 grew by 5% to P33.7 billion from P32.0 billion in 2023.
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AboitizPower’s Generation and Retail Supply business’ beneficial EBITDA in 2024 was P66.7 billion, 11% higher than the P59.9 billion in 2023. This was driven by higher portfolio margins, the energization of the Laoag solar plants, and the full-year contribution of the Company’s Cayanga solar plant. Energy sold reached 36,004 gigawatt-hours (GWh), which is flat compared to 2023.

For the full year of 2024, the beneficial EBITDA of AboitizPower’s Distribution business was 13% higher than in 2023, driven by higher energy sales. Energy sales rose due to the higher demand driven by the effect of the El Niño phenomenon. Energy sales from Residential and Commercial, and Industrial customers increased by 13% and 5% year-on-year, respectively.

As of December 31, 2024, AboitizPower’s total consolidated assets stood at P517.6 billion, which is 6% higher compared to year-end 2023 of P487.0 billion. Total cash and cash equivalents was P56.8 billion, while total consolidated interest bearing liabilities was P243.2 billion. Equity attributable to holders of the parent was P203.2 billion. As of December 31, 2024, the Company’s current ratio was 1.6x, versus year-end 2023’s 1.8x, while its net-debt-to-equity ratio was at 0.8x, versus year-end 2023’s 0.9x.