Power remained the biggest contributor at 62 percent of total income, but AboitizPower’s net income fell 39 percent to P2.5 billion amid lower market prices and scheduled outages.
Despite new solar capacity from Laoag, Armenia, and Calatrava, generation earnings before interest, taxes, depreciation, and amortization (EBITDA) dropped 10 percent to P13.1 billion, and total energy sold slipped to 8,650 gigawatt-hours (GWh).
Distribution earnings also declined 4 percent to P2 billion due to non-recurring refunds. Without the outages, EBITDA would have reached P15.9 billion, signaling healthy core operations.
Food was a standout, banking less so
The food and beverage unit was the standout, with profit jumping 54 percent to P1.4 billion, driven by gains in Pilmico’s flour and agribusiness lines and full contributions from Coca-Cola Europacific Aboitiz.
UnionBank’s income fell 28 percent to P702.3 million, hit by a tax write-off and one-off costs, but underlying growth remained solid with an 8-percent rise in revenues and strong consumer loan expansion.
Real estate, infra losses
Real estate took a backseat as Aboitiz Land swung to a P58.3-million loss due to weak sales and higher forfeitures. InfraCapital posted a P207-million loss from higher interest expenses, reversing a profit last year.
Meanwhile, Republic Cement deepened its losses to P338.1 million as weak demand and lower prices weighed on the business.
Management's view
“Looking to 2025, we see even more opportunities to create value for our shareholders and contribute to national development,” said AEV president and CEO Sabin M. Aboitiz.
“While revenues slightly dipped due to lower power selling prices, this reflects favorable cost trends — particularly in fuel and supply. Our focus remains on the quality of earnings, not just topline growth," he added.
