Aboitiz Equity posts 276% rebound in Q1, nets P7.6B

Conglomerate Aboitiz Equity Ventures Inc. (AEV) saw a massive recovery in the first quarter of 2021, on the back of strong performance across its businesses.

In a disclosure to the Philippine Stock Exchange, AEV reported a consolidated net income of P7.6 billion for the January to March period, up 276% from the P2 billion recorded in the same period in 2020.

“The first quarter of 2021 is solid proof that the Aboitiz Group is already making headway in its recovery and growth plans for the year,” said Sabin Aboitiz, Aboitiz Group president and CEO.

The company said its power business accounted for 58% of the total income contributions during the period while financial services accounted for 29%.

Income contributions from food, infrastructure, and real estate were at 8%, 4%, and 1%, respectively.

In particular, Aboitiz Power Corp.’s  net income contribution to AEV for the first quarter of 2021 increased by 200% year-on-year from P1.6 billion to P4.8 billion.

Union Bank of the Philippines’ income contribution for the first three months of 2021 amounted to P2.4 billion, 79% higher than the P1.3 billion posted in the same period last year.

AEV’s non-listed food subsidiaries’, namely Pilmico Foods Corp., Pilmico Animal Nutrition Corp., and Pilmico International Pte. Ltd. - which includes Gold Coin Management Holdings Pte. Ltd. income contribution to AEV amounted to P630 million, 262% higher than the P174 million a year earlier.

AEV’s non-listed real estate businesses, comprising AboitizLand, Inc. and its subsidiaries, reported a consolidated net income of P101 million for the first quarter of 2021, recovering from P110 million in losses recorded in the same period in 2020.

For the Infrastructure group, Republic Cement & Building Materials Inc.’s income contribution to AEV for the first quarter amounted to P334 million, 446% higher than the P61 million recorded in the same period in 2020, primarily due to the ramp up in sales volume resulting from new cement capacities in Bulacan and Iligan, reduced costs, and increased overall efficiency. — Ted Cordero/RSJ, GMA News