Core net income rose 9 percent to P18.8 billion, excluding non-recurring foreign exchange losses of P20 million, the company said in a stock exchange filing on Monday.
Management’s view
“Our third-quarter results reflect not only the strength of our diversified businesses but also the positive momentum we are seeing in the broader economy,” Aboitiz Group president and CEO Sabin M. Aboitiz said in the filing.
“With inflation moderating and recent rate cuts providing relief, we are optimistic about the opportunities ahead. These improving macroeconomic conditions will allow us to continue to create long-term value for our stakeholders and to contribute to the economic growth of our country,” he added.
Major business units
Power contributed 64 percent to total net income, with financial services and food & beverage at 19 percent each, and real estate and infrastructure at 2 percent and -4 percent, respectively.
Aboitiz Power contributed P14.5 billion in net income to AEV for the first nine months of 2024, a 4-percent increase, driven by higher generation margins and new solar plants.
UnionBank’s net income contribution was P4.2 billion, up 4 percent, with revenues rising 9 percent and net interest income growing 14 percent.
The bank benefited from higher consumer loans and improved cost efficiency following the integration of Citi’s consumer business.
Property, food
Aboitiz Land reported a net income of P521 million for the first nine months of 2024, a 27-percent decline from the previous year due to higher operational costs and reduced asset monetization.
The food and beverage segment, led by Pilmico and Coca-Cola Beverages Philippines, contributed P4.2 billion, more than eight times higher than last year, thanks to stabilizing commodity prices and strategic pricing adjustments.
Cement losses
Aboitiz InfraCapital recorded a net loss of P148 million, a reversal from a P1.4-billion profit in 2023, while Republic Cement’s losses widened to P726 million due to weak cement demand.