AboitizPower net income up 79% to P7 billion in Q2

ABOITIZ Power Corp. reported a consolidated net income of P7.1 billion for the second quarter of the year, 79% higher than the figure recorded in the same period last year.

In a stock exchange disclosure, AboitizPower booked non-recurring gains of P861 million during the April-June period for subsidiary Therma Luzon, Inc.’s hedge and the appreciation of the US dollar, while recording P34 million in non-recurring gains.

Excluding the one-off gains, the company’s core net income for the quarter was P6.1 billion, 59% higher than in the same period last year.

Year to date, AboitizPower recorded a net income of P10 billion, 2% lower than the profit posted in the same six months last year.

“We have seen an increase in peak demand in the Luzon and Visayas grids during the first half of 2022, exceeding levels from the past three years, including 2019, which was a pre-pandemic year,” said Emmanuel V. Rubio, AboitizPower president and chief executive officer, in a press release.

“AboitizPower continues to ensure that our generation plants run optimally and that our incoming capacities are ready to support our customers’ energy needs,” he added.

Mr. Rubio also said that the company remains optimistic it will be able to maintain a high plant availability performance amid increasing economic activity.

“AboitizPower remains firm in our mission of providing energy supply that is reliable, affordable, and sustainable while empowering the nation towards a better future,” he said.

For the first half of 2022, the company’s generation and retail supply recorded a 13% increase in earnings before interest, taxes, depreciation, and amortization (EBITDA) to P23.1 billion.

The company attributed the rise to fresh contributions from units 1 and 2 of GNPower Dinginin Ltd. Co.

Meanwhile, electricity sold during the period increased by 17% to 13,762 gigawatt-hours (GWh) from 11,790 GWh in the same stretch last year.

On Wednesday, shares in AboitizPower finished unchanged at P31.80 each on the stock market. — Ashley Erika O. Jose