, Philippines
Logo from AboitizPower.

AboitizPower’s net income rises 4% YoY in Q1

The company increased its capital expenditure this year by over two-fold.

Aboitiz Power reported a 4% year-on-year (YoY) uptick in net income to reach $136.5m (PHP7.9b) in the first quarter on the back of higher generation portfolio margins.
In a statement, the company said the energy sold by its generation and retail electricity supplier segment slightly rose by 1% to 8,812 gigawatt-hours (GWh).

The company’s distribution business also saw a 9% YoY growth in energy sales to 1,526 GWh due to higher demand driven by the El Niño phenomenon.
On the other hand, its earnings before interest, taxes, depreciation and amortisation were down by 11% to $44.9m (PHP2.6b) due to the favourable timing in pass-through charges in 2023 following the declining fuel prices.

ALSO READ: AboitizPower launches 49 MW hybrid BESS project

“AboitizPower continued its strong performance in the first quarter of 2024, building on its successful 2023. This momentum reflects the effectiveness of our investments and growth strategies, which further reinforces our dedication to providing reliable, affordable, and sustainable power while driving the nation’s development,” said AboitizPower President and Chief Executive Officer Emmanuel V. Rubio.

For this year, AboitizPower and its partners more than doubled their capital expenditures to $1.26b (PHP73b), 72% of which is allocated to renewable energy pipelines.

$1 = PHP57.87

 

Join Asian Power community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Exclusives

Why Singapore could be the ‘tipping point’ for ASEAN renewable and grid development
Heavily reliant on gas, the country is still on track for its 2035 net-zero target, but could be more ambitious to hit its 2050 goal by 2045.
Power Utility
Will the government pay for coal power exit in Vietnam?
The country’s coal power phase-out strategy sees renewables accounting for 67.7%–71.5% of the energy mix by 2050.