Meralco’s core income jumps over 20% in 2024

Last year’s profit exceeded the full-year PHP43b guidance.

Philippines’ Manila Electric Company (Meralco) has reported a double-digit growth in its core net income in 2024, led by its distribution unit.

In a bourse filing, Meralco said its consolidated core net income grew 22% to $779.33m (PHP45.1b) last year. Revenues, meanwhile, grew 6% to $8.12b (PHP470.4b).

The company said its distribution business continued to account for the largest share of 62% or $485.57m (PHP28.1b). The power generation unit followed, accounting for 24% or $188.35m (PHP10.9b), and the retail and non-electricity businesses, accounting for 14% or a combined $105.39m (PHP6.1b).

“As we progress through 2025, we foresee substantial organic sales growth, enhanced EPS, and robust free cash flow, all in alignment with our long-term growth strategy,” said Meralco Chairman and CEO Manuel Pangilinan.

$1 = PHP57.87