Meralco core profit 10% higher at P23.6B

MANILA Electric Co. (Meralco) on Monday reported a consolidated core net income of P25.54 billion for the first half, an increase of 10 percent from the P23.21 billion recorded in the same period last year.

Reported net income rose to P23.64 billion from P22.44 billion a year earlier, with the increase mostly due to the solid performance of the distribution and generation businesses, which drove gross revenues to P245.22 billion compared to the previous year’s P237.48 billion. 

Meralco Chairman and CEO Manuel Pangilinan said they expected consolidated core net income to reach around P50 billion for the full year given the robust first-half results.

He said the distribution business was likely to continue driving profitability, although at a slower growth pace compared to 2024.

“We remain on track to meet our overall targets as power generation is expected to deliver higher-than-expected performance, offsetting the anticipated slower distribution growth,” Pangilinan said.

“Meralco delivered strong results in the first half of the year, fueled by the solid performance of our core distribution business and accelerating momentum of the generation business. As we move into the second half, we remain focused on achieving key milestones that will enable us to meet our full-year profit target and business goals.”

In the distribution business, consolidated distribution energy sales, primarily that of Meralco and Clark Electric Distribution Corp., reached 27,091 gigawatt-hours (GWh) in the first half, marginally higher than the previous year’s 26,954 GWh.

Meralco said energy sales in all segments increased, with the commercial segment clocking in sales of 10,102 GWh from 10,068 GWh last year; the residential segment at 9,779 GWh from 9,715 GWh; and the industrial segment at 7,137 GWh from 7,097 GWh previously. 

Consolidated customer count reached 8.1 million, a 3 percent increase from 7.9 million a year ago.

Meralco PowerGen Corp. (MGen) contributed around P9.40 billion in earnings from its power plants in the Philippines and Singapore, driven by the full commercial operations of all three units of Excellent Energy Resources Inc. in Batangas.

“MGen’s solid performance in the first half of 2025 reflects the strength and dynamism of our generation portfolio,” MGen President and CEO Emmanuel Rubio said. 

Meralco’s first-half capital expenditures reached P47.49 billion, more than double last year’s P17.42 billion, mostly driven by the development of its distribution network and solar generation projects, specifically the MTerra Solar project. 

Meralco’s board on Monday also approved cash dividends of P11.328 per share to all shareholders of record as of Aug. 27, 2025, payable on Sep. 22, 2025.

The company’s shares were unchanged at P533.50 apiece on Monday.