Aboitiz Power’s net income rises 2% to P27.3B in 9 months

Aboitiz Power Corp. posted a net income of P27.3 billion for the first nine months of 2024, a 2-percent increase from P26.7 billion in the same period last year.

This was despite higher depreciation and interest costs related to GNPower Dinginin’s Units 1 and 2. The company’s core net income, excluding forex and derivative gains, stood at P27.2 billion, largely flat compared to last year.

For the nine-month period, the company’s earnings before interest, depreciation and amortization rose by 12 percent to P56.1 billion, driven by better margins in its generation portfolio and new capacities from the Laoag and Cayanga Solar Plants. 

Retail growth and higher energy sales from the distribution business also contributed. 

In the third quarter alone, ebitda surged 19 percent to P19.8 billion compared to P16.6 billion last year.

AboitizPower’s generation and retail supply segment reported a 11-percent rise in ebitda to P50.9 billion for the nine months, with energy sales up 2 percent at 26,910 GWh. 

The distribution segment saw a 11 percent increase in ebitda to P6.6 billion, driven by an 8 percent rise in energy sales to 4,939 GWh, helped by higher demand during the El Niño phenomenon.