, Philippines

Aboitiz Power recovering after typhoon setbacks: report

Its distribution sales volumes rose 4.8% year-on-year.

Philippine-based Aboitiz Power's core net profit may have declined year-on-year in the third quarter of 2023, but brokerage firm CGS-CIMB, sees that the business has been recovering after drawbacks from Typhoon Odette's impact in 2021.

The power generation segment's energy sales grew 7.7% YoY but declined 2.8% QoQ due to lower spot prices in Q3 2023. However, its distribution sales volumes posted growth of 4.8% YoY and 0.6% QoQ.

The core net profit for the first nine months of 2023 increased by 45.2% to P26.6b, in line with expectations.

Aboitiz Power's management also sees value in maintaining a significant presence in the spot market, expecting continued high spot prices in fiscal year 2024. They are also investing in upgrading and expanding their power generation portfolio.

The business is also considering new investment opportunities, including the 796.5MW Caliraya-Botocan-Kalayaan hydropower project.

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