Manila Water Co. Inc. reported a net income of P10.1 billion in the first nine months of 2024, a 39-percent increase from the same period last year.
The company attributed the strong performance to tariff adjustments for its east zone concession and several non-east zone Philippines (NEZ PH) businesses as well as robust customer demand.
Consolidated revenues grew 19 percent to P27.5 billion, driven by tariff adjustments and a 3-percent increase in billed volume. While costs and expenses rose 4 percent to P8.8 billion, primarily due to investments in new facilities, the company’s consolidated EBITDA improved 26 percent to P19.2 billion.
The east zone concession saw a 20-perent increase in revenue to P21.8 billion, supported by the second tranche of the rate rebasing tariff adjustment and growth in billed volume, particularly from industrial customers. Net income for the east zone rose 45 percent to P9.3 billion.
NEZ PH businesses, including Laguna, Clark, Boracay and Estate Water, contributed to the overall growth with a 23-percent increase in revenue to P6.5 billion. Billed volume grew 6 percent, and EBITDA improved 36 percent to P3.2 billion. Net income for NEZ PH increased 89 percent to P908 million.
Manila Water International, however, reported a net loss of P19 million due to lower contributions from its investments in East Water in Thailand and its Vietnam businesses.
As of September, Manila Water invested P16.7 billion in capital expenditures, with 90 percent allocated to the east zone.
Manila Water president and chief executive Jocot de Dios attributed the strong performance to the company’s focus on recovery and growth.
“We understood that sacrifices would need to be made at the onset, so that we can establish a robust structure and adopt practices that will result in sustainable efficiencies in our operations, better, more reliable service to our customers, and a more disciplined view of how we pursue growth,” de Dios said.
