August 13, 2024 | 12:00am
MANILA, Philippines — Conglomerate Metro Pacific Investments Corp. (MPIC) is optimistic on ending the year strong after first half core earnings zoomed to a new all-time high on the back of robust growth across all its core businesses.
MPIC registered a 27-percent jump in its core net income to P12.5 billion in the first semester from P9.9 billion in the same period last year.
Improved financial and operating results from MPIC’s holdings delivered a 20-percent increase in contribution from operations to P14.8 billion.
Reported net income for the period rose by 23 percent to P12.5 billion from P10.2 billion in the first half of 2023.
MPIC’s record high first half results were mainly driven by strong growth in energy sales at Manila Electric Co., billed volumes at Maynilad Water and traffic on its toll roads complemented by higher tariffs.
Among its core businesses, power contributed the largest share at P10.1 billion or 68 percent of the net operating income.
Toll roads and water contributed P3.2 billion and P2.5 billion, respectively, representing 38 percent of the net operating income during the period.
“Our power, toll roads and water business continued to deliver double-digit growth in earnings on the back of strong volumes and the impact of long overdue tariff adjustments,” MPIC chairman, president and CEO Manuel V. Pangilinan said.
Pangilinan said that with MPIC continuing to maintain a low cost of capital in a rising interest rate environment, the company is poised to maintain its strong growth trajectory for the rest of the year.
“Our job for this second half is to exert efforts to maintain substantially and to see the same kind of earnings that you’ve seen in the first half,” Pangilinan said.
MPIC chief finance, risk and sustainability officer Chaye Cabal-Revilla expects the group to post another banner year in 2024.
“We are still trending double-digit growth for full year despite the rate cuts and also the expected lower demand for power given that yearend usually the temperatures are lower,” Cabal-Revilla said.
“Every year will be an all time high for us. We will beat ourselves every time,” she said.
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