Meralco core net income up 10% YoY in 2022

Its energy sales were boosted by the recovery of business and public confidence.

The Manila Electric Company (Meralco) reported a 10% year-on-year (YoY) growth in consolidated core net income for 2022 to reach (P27.1b) on the back of energy sales surpassing pre-pandemic levels and earnings from the power generation business.

In a statement, Meralco said its consolidated distribution utility energy sales volumes rose by 6% YoY to 48,916 gigawatt-hours, with the volumes of Meralco rising by 6% and Clark Electric Distribution Corporation by 16%.

During the period sales demand continued to grow as businesses and public confidence recovered from the pandemic, despite the surge of Omicron cases in the early-2022 and the rise of commodity prices due to the Russian-Ukraine war.

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Meanwhile, its subsidiary Meralco PowerGen Corporation contributed (P5.5b) to the net income in 2022, up from (P1.2b) from the same period last year, mainly due to the earnings of the Singapore-based natural gas facility of PacificLight Power.

“2022 was a year of recovery as we saw energy sales exceeding pre-pandemic levels—reflective of the return of strong power demand across all customer segments after more than two (2) years of pandemic lockdowns,” said Meralco President and CEO Ray C. Espinosa. 

“We continued to boost operational efficiency and ended the year with less and shorter service interruptions as well as improvements in system loss, which were achieved through our investments to strengthen our distribution network and through innovations that improve the service we deliver to our 7.6 million customers,” he added. 

The company’s consolidated reported net income was up by 21% YoY to (P28.3b), whilst its consolidated revenue also increased by 34% YoY to (P426.5b).