Conglomerate Aboitiz Equity Ventures Inc. (AEV) logged a consolidated net income of P18.8 billion in the first nine months of 2024, a 4-percent increase from P18 billion it reported in the same period last year.
Minus non-recurring foreign exchange losses of P20 million, core net income reached P18.8 billion, a 9-percent rise from P17.3 billion in the prior year, AEV said in a disclosure to the stock exchange Monday.
The company reported a 4-percent decline in consolidated net income to P7.3 billion in the third quarter from P7.6 billion a year ago.
Power accounted for 64 percent of the total net income contributions from AEV’s strategic business units (SBU) in the nine-month period.
Financial services and food and beverage SBUs each contributed 19 percent, while net income contributions from real estate and infrastructure SBUs were 2 percent and -4 percent, respectively.
“Our third-quarter results reflect not only the strength of our diversified businesses but also the positive momentum we are seeing in the broader economy. With inflation moderating and recent rate cuts providing relief, we are optimistic about the opportunities ahead,” said Aboitiz Group president and chief executive Sabin Aboitiz.
“These improving macroeconomic conditions will allow us to continue to create long-term value for our stakeholders and to contribute to the economic growth of our country,” he said.
Aboitiz Power Corp.’s net income contribution to AEV was P14.5 billion in the first nine months, up 4 percent from P13.9 billion in the same period last year.
Banking unit Union Bank of the Philippines contributed P4.2 billion to AEV’s net income, also up 4 percent from P4 billion in 2023.
The bank’s stand-alone net income was P8.6 billion, representing a growth of 6 percent from P8.1 billion last year. Core operations remained strong, with revenues rising by 9 percent year-on-year.
Aboitiz Land Inc. reported a consolidated net income of P521 million in the first nine months of 2024, a decrease of 27 percent from P716 million in the same period in 2023 on higher operational expenses.
The food and beverage segment saw a net income contribution of P4.2 billion, significantly higher than the P499 million recorded in the same period last year. This growth was driven by stabilizing commodity prices and contributions from Coca-Cola Beverages Philippines.
Aboitiz InfraCapital Inc. reported a net loss of P148 million in the first nine months, reversing from a profit of P1.4 billion in the same period last year. This included a loss of P726 million from Republic Cement, reflecting declining sales volumes and prices.
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