Aboitiz Power sees 2% income gain in 2024

Core net income also grew 5%.

Aboitiz Power Corporation has reported a 2% increase in its net income to reach $592.23m (PHP33.9b) in 2024.

In a bourse filing, the company said this was recorded despite the recognition of depreciation and interest for GNPower Dinginin Ltd. Co.’s (GNPD) Units 1 and 2.

Aboitiz Power’s core net income grew by 5% to $588.65m (PHP33.7b).

The company’s beneficial earnings before interest, taxes, depreciation, and amortization (EBITDA) grew by 13% to $1.28b (PHP73.3b) last year. This was driven by the distribution business, whose beneficial EBITDA grew 13%, thanks to higher energy sales due to an increase in demand driven by the effect of the El Niño phenomenon.

Meanwhile, additional capacities from the 159 megawatt-peak (MWp) Laoag and 94 MWp Cayanga Solar Plants and growth in Retail Supply volume also increased the company’s beneficial EBITDA for the period.

$1 = PHP57.25