AboitizPower expects 2022 net income to surpass last year as figure nears P20B

ABOITIZ Power Corp. (AboitizPower) said its nine-month net income indicates that the power company will post a higher profit this year compared with 2021.

“We have just reported that in the first nine months of 2022, we were able to achieve an income of close to P20 billion, it is almost the full year income of 2021, that should indicate where we are going to end,” Emmanuel V. Rubio, president and chief executive officer of AboitizPower, said in a virtual briefing on Friday.

Excluding one-off gains, the energy company reported a third-quarter net income of P9.2 billion, a 65% increase compared with the level in the same period last year.

For the nine-month period, AboitizPower reported a core net income of P18.3 billion, a 16.6% increase from P15.7 billion recorded in the same period last year, which the company attributed to the fresh contributions of GNPower Dinginin Ltd. Co.’s units 1 and 2.

In 2021, AboitizPower reported a net income of P20.84 billion, 65.7% higher than the P12.58 billion recorded in 2020.

Meanwhile, Mr. Rubio said that AboitizPower is looking to decarbonize its portfolio on its way to becoming the country’s first techglomerate.

He added that the power company is also looking to add digital science as part of its core strategy and investing beyond “traditional energy.”

“We are making digital data science and innovation as part of the core strategy and third we would like to grow beyond what is traditional energy. We are looking at investing in businesses that are into decentralized energy and smart cities,” Mr. Rubio said.

AboitizPower is planning to grow its portfolio to 4,600 megawatts (MW) of sustainably sourced energy by 2030.

The company previously said that as end-February 2022, it had a total of 5,332 MW net sellable capacity, of which 3,962 MW is the portion attributable to AboitizPower. It targets to double its capacity to 9,200 MW by 2030. — Ashley Erika O. Jose