MPIC likely to exceed P22.4-b in core income

Infrastructure conglomerate Metro Pacific Investments Corp. (MPIC) said Thursday it will likely exceed its P22.4-billion core net income target for 2024 after registering a strong performance from January to September.

MPIC chief financial officer June Cabal-Revilla said in a news briefing that while the fourth quarter is normally the weakest quarter because of cooler weather, the group is still poised to surpass its target.

The company said that in the first nine months of 2024, core net income rose to a record P20.8 billion, up 28 percent from P16.2 billion posted in the same period last year on the back of a double-digit growth in core tollway, power and water businesses.

Reported net income rose faster at 44 percent to P23.1 billion from P16.1 billion, boosted by non-recurring gains from MPIC’s real estate business.

Power contributed the largest share at P15.3 billion or 63 percent of net operating income, followed by toll roads and water at P5.1 billion and P4.5 billion, respectively.

“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,” said MPIC chairman, president and chief executive Manuel Pangilinan.

“All our businesses are investing heavily in service quality and operational efficiency to improve the lives of our customers while at the same time growing our sales and core profitability to create value for our investors. With MPIC continuing to maintain a low cost of capital, the Company is poised to maintain its very strong growth trajectory for the rest of the year,” Pangilinan said.

MPIC’s toll road business posted core net income of P5.2 billion, up 28 percent from a year ago, on higher revenues and higher share in net earnings of equity-accounted Vietnam and Indonesian toll roads.

Revenues jumped 16 percent to P23 billion.

Maynilad Water Services Inc. booked a stellar performance, with core net income increasing 37 percent to P9.3 billion on tariff adjustment, higher volumes and lower operating expenses.

Revenues rose 23 percent to P24.9 billion, as billed volumes improved 3 percent.

Manila Electric Co. also booked a 17-percent increase in consolidated core net income to P35.1 billion, on higher contributions from power generation, retail electricity supply and non-power businesses.