ABOITIZ Equity Ventures Inc. (AEV) posted a three percent increase in its net income for 2018 to P22.2 billion from P21.6 billion in 2017.
Its power business unit remained its biggest income contributor, accounting for 73 percent, while its financial services, food, real estate and infrastructure units pitched in 16 percent, seven percent, three percent and one percent, respectively.
“We remain confident about the long-term prospects of our businesses in fueling our country’s economic growth, which, in return, generates greater demand for our products and services,” said Erramon I. Aboitiz, AEV president and chief executive officer.
Meanwhile, AEV’s core net income totaled P23.1 billion, three percent lower than the P23.9 billion recorded in 2017. AEV also recorded consolidated earnings before interest, taxes, depreciation, and amortization amounting to P60.7 billion last year, up 6.5 percent from 2017.
“From investing to meet infrastructure demand to providing innovative solutions to empower small businesses, and through our new multi-country platform, we leverage our capabilities to drive change for a better world by advancing business and communities,” Aboitiz said.
AboitizPower realized P21.7 billion in net income in 2018, six percent higher compared to 2017. Fresh contributions from Pagbilao Energy Corp. and Hedcor Bukidnon Inc. for the generation business as well as an increase in consumption levels across all customer segments for the distribution business contributed to the year-on-year profit gain.
UnionBank recorded a net income of P7.3 billion in 2018, down 13 percent from the P8.4 billion earned the previous year.
Pilmico reported a net income of P1.6 billion for 2018, while AboitizLand reported net income of P645 million. Republic Cement’s income contribution to AEV in 2018 amounted to P213 million. (PR)