Aboitiz Power Corp. reported a net income of ₱17.1 billion for the first half of 2024, 4 percent lower than the ₱17.8 billion recorded in the same period of 2023, primarily due to depreciation and interest costs for GNPower Dinginin Ltd. Co.’s Unit 1 and Unit 2.
Excluding foreign exchange and derivative gains, the core net income for the first half of 2024 remained at ₱17.1 billion, compared to ₱17.8 billion in the previous year.
Despite this, the company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) grew by 8 percent year-over-year to ₱36.3 billion for the first half of 2024, driven by higher margins in their generation portfolio.
“Our financial performance in the first half of 2024 is a testament to our strategic focus on operational efficiency and adaptability to market conditions,” Aboitiz Power president and CEO Danel C. Aboitiz said in a stock exchange filing on Tuesday.
“The growth in EBITDA, fueled by improved margins and strategic business expansion, positions us for continued success in support of the country’s economic growth and prosperity,” he added.
