ABOITIZ Power Corporation (AboitizPower), the holding company for the Aboitiz Group's investments in energy, reported a 6.0-percent growth in net income to P21.7 billion in 2018.
Non-recurring losses of P2.1 billion were recognized, without which core net income for 2018 was P23.8 billion, 2.0 percent higher year-on-year (YoY).
AboitizPower recorded consolidated earnings before interest, tax, depreciation, and amortization (Ebitda) of P51.5 billion for 2018, 8.0 percent higher compared to the P47.7 billion recorded in 2017.
“We were able to sustain our growth with the entry of new capacities from our baseload power plant in Pagbilao, as well as our hydro plant in Manolo Fortich, Bukidnon and our efforts to continuously improve the availability and reliability of our generation assets,” Emmanuel V. Rubio, AboitizPower chief operating officer, said.
AboitizPower’s generation and retail electricity supply business recorded a consolidated Ebitda of P43 billion in 2018, 8.0 percent higher than the P39.7 billion recorded in the previous year.
Performance was primarily driven by the fresh contributions from Pagbilao Energy Corporation (PEC) and Hedcor Bukidnon, Inc.
Capacity sold during the year was flat YoY, from 3,167 megawatts (MW) in 2017 to 3,152 MW in 2018.
“With our increased economic stake in the GNPower Mariveles and Dinginin projects, we are confident that we will surpass our target of 4,000 MW net attributable capacity by 2020. These growth opportunities are all driven by our commitment to balance the needs of our customers in terms of the reliability, cost-efficiency, and environmental sustainability of the country’s power supply,” Rubio said.
For 2018, AboitizPower’s distribution business recorded consolidated Ebitda of P8.2 billion, 6.0 percent higher than the P7.8 billion recorded in 2017. The company saw energy sales increase to 5,540 gigawatt-hours (GWh), which was 5.0 percent higher than the 5,288 GWh recorded in 2017. This was the result of increased consumption levels across all customer segments.
“Our distribution business also continues to expand as we deliver world-class service to our close to one million customers within our growing franchise areas and emerging economic zones,” Rubio said. (PR)