Meralco’s net income up 10.8% in Q1

Thanks to growth across its business units.

Power distributor Manila Electric Co. (Meralco) has reported a consolidated core net income of $200.57m (PHP11.2b) for the first quarter (Q1) of 2025, reflecting a 10.8% increase from the previous year.

In a bourse filing, Meralco said revenues were up 10% to $2.05b (PHP114.5b), driven by volume growth of the distribution utility, power generation and retail electricity supply businesses, as well as higher pass-through transmission and generation charges.

The company’s distribution utility accounted for 60% or $120m (PHP6.7b) of the core net income. Meanwhile, power generation contributed $60.89m (PHP3.4b), and the retail electricity supply and non-electricity businesses brought in a combined $19.70m (PHP1.1b).

Power sales volume during the quarter reached 15,621 gigawatt-hours (GWh), reflecting a 3% growth. Meanwhile, distribution utility sales volume was up 2% to 12,493 GWh, thanks to newly energised accounts that drove growth in the residential segment.

The Philippine government recently approved the franchise extension of Meralco from June 2028. This gives the company another 25 years to distribute power across parts of Luzon, including Metro Manila, Bulacan, Cavite, and Rizal.

$1 = PHP55.84