AboitizPower nets P17.8B in H1, up 79%

Aboitiz Power Corporation saw high double-digit growth in its bottom line during the first six months of 2023, on the back of strong contributions from its generation and distribution businesses.

In a disclosure to the Philippine Stock Exchange on Thursday, AboitizPower reported a net income of P17.8 billion from January to June, up 79% from the P10 billion posted in the same period last year.

"The company had exceptional performance in the first six months of 2023, driven by fresh contributions from our strategic investments and operational excellence outcomes," said AboitizPower president and CEO Emmanuel Rubio.

"We remain on track toward achieving a 50:50 balanced mix portfolio by 2030 and continue to focus on providing reliable and innovative power while adapting to dynamic market conditions," he added.

AboitizPower’s generation and retail supply businesses posted earnings before interest, taxes, depreciation, and amortization (EBITDA) of P30.2 billion in the first half, up 31% from P23.1 billion year-on-year.

The company said this was primarily due to fresh contributions from GNPower Dinginin and higher availability across the company’s portfolio.

AboitizPower said capacity sold in the first half grew 25% to 4,718 megawatts (MW), compared to 3,785 MW in the same period in 2022. 

Energy sold increased by 29% to 17,736 gigawatt-hours (GWh) for the first half of 2023, compared to 13,762 GWh in the same period in 2022.

Meanwhile, AboitizPower’s distribution business recorded an EBITDA of P6 billion, up 101% from P3 billion recorded in the same period in 2022. 

Energy sales from both residential and commercial and industrial customers rose 7% to 2,983 GWh during the period from 2,780 GWh in the same period last year due to recoveries in demand in the areas affected by Typhoon Odette in December 2021.  — VBL, GMA Integrated News