MPIC, owned by tycoons such as Ramon S. Ang, the Ty family, Manuel V. Pangilinan, and Indonesia’s Anthoni Salim, posted higher revenues across its power, toll roads, and water businesses, supported by increased demand and tariff adjustments.
Total revenues also increased, with power contributing the most at P19.7 billion (69 percent of net operating income), followed by toll roads at P6.3 billion (44 percent) and water at P6.2 billion.
It also owns a chain of private hospitals such as Makati Medical Center and Asian Hospital, and part of the operator of the Light Rail Transit Line 1.
Management’s view
“Our strong full-year earnings reflect exceptional performance across our businesses, with the power, toll roads, and water sectors driving double-digit growth in earnings,” said Pangilinan, the chair, president and CEO of MPIC.
"This success is a result of strong volumes and the positive impact of long-overdue tariff adjustments,” he added.
Power, water
Manila Electric Co.’s revenues rose 6 percent to P470.4 billion, driven by increased energy consumption across residential, commercial, and industrial users. Distribution utility sales grew 6 percent to 54,325 GWh, with commercial demand rebounding and residential consumption rising due to higher temperatures.
Maynilad Water Services’ revenues climbed 23 percent to P33.5 billion, as a 3 percent increase in billed volume and a 20 percent tariff hike in early 2024 boosted earnings.
Core net income jumped 40 percent to P12.8 billion, helped by lower operating expenses.
Expressways
Metro Pacific Tollways Corp. recorded a 16 percent increase in toll revenues to P31.6 billion, fueled by tariff hikes and higher traffic volumes in the Philippines.
Toll roads expansion, performance
MPTC and PT Margautama Nusantara (MUN), with Warrington Investment Pte. Ltd. (WIP), acquired 35 percent of PT Jasamarga Transjawa Tol (JTT) for 15.75 trillion rupiah (US$960.3 million). JTT operates the 676-km Trans Java Toll Road, with MPTC holding an effective 22.9 percent stake.
