AboitizPower core net income up 29% to P32B in 2023

Aboitiz Power Corporation saw a high double-digit growth in its core net income in 2023.

In a disclosure to the Philippine Stock Exchange on Tuesday, AboitizPower reported a core net income of P32 billion last year, up 29% from P24.8 billion in 2022.

The increase was primarily due to fresh contributions from GNPower Dinginin Ltd. Co. and higher availability across the company’s generation portfolio, according to the power generation firm.

“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 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 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,” said Rubio.

AboitizPower’s generation and retail electricity supply business recorded an earnings before interest taxes, depreciation and amortization (EBITDA) stood at P61.3 billion last year, up 20% from P51.2 billion in 2022, “primarily due to fresh contributions from GNPD and higher availability across the company’s portfolio.”

The company added that its energy volume sold in 2023 increased by 17% to 35,372 gigawatt-hours (GWh) compared to 30,251 GWh in 2022.

AboitizPower’s distribution business also posted an EBITDA of P8.7 billion, up 8% from P8 billion in 2022 as energy sales grew by 6% to 6,157 GWh last year from 5,785 GWh in the year prior.

The company said its energy sales from its residential customer segment was also higher by 8% and commercial while 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.” —Ted Cordero/ VAL, GMA Integrated News