Manila Electric Co. (Meralco), the country’s largest energy distributor, saw consolidated core net income during the first semester of 2024 jump almost 21 percent to P23.21 billion, driven by record power sales during the sizzling summer months.
During a media briefing on Monday, Meralco chief finance officer Betty C. Siy-Yap said their unregulated businesses accounted for 45 percent of total core income, while regulated businesses, despite a slightly lower share, saw a 17 percent increase in peso amount due to a 9 percent rise in volume sold.
Energy sales during the period rose 8.7 percent to 26,954 gigawatt hours.
Consolidated capital spending, amounting to P19.9 billion, was primarily driven by improvements in the distribution network, development of solar projects, and tower facilities.
Significant investments included the development of three solar power plants, land acquisition for Terra Solar, and Miescor Infrastructure’s purchase of 475 towers from Globe.
Yap said the board, on Monday, declared an interim cash dividend of P10.295 per share to all stockholders of record as of August 28, 2024. This will be payable on September 23, representing a payout of 54 percent of core income and an implied dividend yield of 6 percent.
