Aboitiz Power Corp. said Thursday its net income rose 2 percent to P27.3 billion in the first nine months of 2024 from P26.7 billion in the same period in 2023.
AboitizPower said it achieved higher profit despite the recognition of depreciation and interest for GNPower Dinginin Ltd. Co.’s units 1 and 2.
Excluding forex and derivative gains, the company’s core net income in the nine-month period reached P27.2 billion, up from P26.7 billion a year earlier.
Earnings before interest, taxes, depreciation and amortization (EBITDA) increased 12 percent year-on-year to P56.1 billion, driven by higher generation portfolio margins and additional capacities from the 159-megawatt (MW) Laoag and 94-MW Cayanga solar plants.
AboitizPower said the growth in retail volume and higher energy sales from the distribution utility business increased the company’s beneficial EBITDA for the period.
The same drivers resulted in beneficial EBITDA growth for the third quarter of P19.8 billion, or 19 percent higher P16.6 billion in the same period in 2023.
AboitizPower’s generation and retail supply business beneficial EBITDA in the first nine months amounted to P50.9 billion, up by 11 percent from P46.0 billion a year ago.
Energy sold reached 26,910 gigawatt-hours (GWh), or 2 percent higher than in the same period in 2023.
AboitizPower’s distribution business beneficial EBITDA was also 11 percent higher at P6.6 billion, compared to P6.0 billion in the same period last year, driven by higher energy sales.
Energy sales went up by 8 percent to 4,939 GWh in the first nine months from 4,569 GWh in the same period in 2023 on higher demand driven by the effect of the El Niño phenomenon in the first half.
