Manila Water says profit jumped to P10.5B in 2024
RAZON-LED Manila Water Co., Inc. reported an attributable net income of P10.5 billion for 2024, up 88% from the previous year, driven by higher revenues from its East Zone concession and substantial contributions from its non-East Zone businesses.
Revenues increased by 19% to P36.6 billion, fueled by higher billed volume and the implementation of tariff adjustments in the East Zone concession and several non-East Zone Philippines businesses, the company said in a media release on Monday.
The majority of its topline, or P36.65 billion, came from water and wastewater services.
Meanwhile, costs and expenses rose by 9% to P11.8 billion.
“The solid foundation laid in recent years allowed us to achieve remarkable results in 2024. I am particularly buoyed by the solid growth of our Non-East Zone businesses, which more than tripled earnings to surpass the P2-billion mark,” Manila Water President and Chief Executive Officer Jose Victor Emmanuel “Jocot” A. de Dios said.
Manila Water provides water supply, wastewater, and sanitation services to over 7.3 million customers in 23 cities and municipalities in the East Zone of Metro Manila and Rizal province.
Outside the East Zone, Manila Water operates in Laguna, Clark, Boracay, and Estate Water. The company said it had “a banner year” in 2024, with earnings surging more than threefold to P2.3 billion from P750 million in the prior year.
“This impressive performance was fueled by an 8% increase in billed volume, tariff adjustments, and stronger contributions from key business units, pushing revenues past P9 billion,” Manila Water said.
On the other hand, its international business recorded lower contributions from minority investments in Thailand and Vietnam. The company said it continues to assess its international portfolio while exploring opportunities for long-term value creation.
For 2024, group capital expenditures reached P26.3 billion, with the East Zone concession accounting for 90% of the total. — Sheldeen Joy Talavera
