The Aboitiz family conglomerate, Aboitiz Equity Ventures Inc. (AEV), earned ₱11.5 billion in the first half of 2024, a 10 percent increase from 2023, given large contributions from its recent takeover of Coca-Cola Philippines with a foreign partner.
After adjusting for a one-time gain, the core income was ₱11.4 billion, up 2 percent. In the second quarter alone, net income was ₱6.6 billion, slightly above last year’s ₱6.5 billion, while core income finished at ₱6.4 billion, down 1 percent.
The power sector made up 65 percent of total income, followed by food and beverage at 20 percent.
Surging food, drinks business
Food and beverage is comprised of Pilmico Foods Corporation, Pilmico Animal Nutrition Corporation, Pilmico International Pte. Ltd., and Coca-Cola Beverages Philippines.
Contributions during the first semester reached ₱2.8 billion, a growth spike of over 15 times.
Last February, Aboitiz and Coca-Cola Europacific Partners Plc acquired Coca-Cola Beverages Philippines for ₱100 billion with a 40-60 ownership split.
Meanwhile, financial services, real estate, and infrastructure contributed 18 percent, 3 percent, and -5 percent, according to the filing.
