Metro Pacific books P14.2B core net income in 2022, up 15%

Pangilinan-led infrastructure conglomerate Metro Pacific Investments Corporation (MPIC) saw a mid-double digit growth in its core earnings in 2022 amid strong results across businesses.

In a disclosure to the Philippine Stock Exchange on Wednesday, MPIC reported a  consolidated core net income of P14.2 billion last year, up 15% from P12.3 billion booked in 2021.

The company said its financial performance was due to an increase in contribution from operations, mainly driven by strong recovery in toll road traffic and growth in power consumption.

MPIC said its power business accounted for P12.4 billion or 65% of its net operating earnings, followed by toll roads which contributed P5.7 billion or 30%.

The company’s water business contributed P2.7 billion or 14%; while other businesses, mainly light rail, healthcare, agribusiness, real estate, and fuel storage incurred a loss of P1.8 billion.

MPIC’s power business led by Manila Electric Company (Meralco) posted a net income of P28.4 billion, its highest on record.

Toll roads business Metro Pacific Tollways Corporation posted a core net income of P5.7 billion, up 46% year-on-year.

Maynilad Water Services Inc., MPIC’s water utility unit, saw its core net income decline by 7% to P6 billion due to higher operating costs.

Light Rail Manila Corp., the operator of LRT-1, incurred a core net loss of P472 million due to amortization of concession assets and borrowing costs.

MPIC’s healthcare business Metro Pacific Health which operates 19 hospitals, 22 outpatient care centers, 6 cancer care centers, and mWell PH, the country’s fastest growing fully integrated health and wellness mobile app booked a consolidated core net income of P1.1 billion, down 24% as a result of fewer COVID-19 cases, investments in network integration and digitalization, and higher depreciation expense from completed hospitals’ projects.

Metro Pacific Agro Ventures Inc., meanwhile, is looking to further deepen its foothold in the agriculture sector.

“Our continuing earnings growth reflects significant volume increases for all our core businesses together with our intense focus on operational efficiencies. This has been achieved on the strength of years of significant investments in improving the quality of our services,” said MPIC chairman, president, and CEO Manuel V. Pangilinan.—AOL, GMA Integrated News