AboitizPower marks 10th year on PSE
AboitizPower celebrated its 10th anniversary at the Philippine Stock Exchange (PSE) on July 18, still focused on pursuing its balanced mix strategy while riding on the country’s economic growth.
AboitizPower CEO Erramon I. Aboitiz said the company is on track to reaching its target of reaching 4,000 megawatts (mw) in attributable capacity by 2020 while maintaining a healthy portfolio of renewable energy.
“We will continue to push our balanced mix strategy because we believe that the long-term energy security of the country can be solved by balancing sustainability, accessibility, and reliability of power,” Aboitiz said.
Around 32 percent of AboitizPower’s 3,955 MW net sellable capacity at present comes from its geothermal, hydro, and solar power plants. On power distribution, the company will ride on growth in areas served by Visayan Electric Co., Davao Light and Power, Cotabato Light and several economic zones it serves. Combined, the distribution utilities serve 900,000 customers.
From an IPO price of P5.80 in 2007, the stock is now six times its initial price or an equivalent of P40.05 per share. “This translates to a 28 percent total return to our shareholders compounded annually,” AboitizPower said in a statement.
“We will remain strategic yet disciplined in our approach toward achieving our growth goals, always mindful of our role in nation-building,” Aboitiz said.
The Aboitiz Group’s investments in the power industry started in the early 1900s when it invested in small utilities like Jolo Power and Ormoc Power. It later acquired Davao Light and Power, Cotabato Light and Power, as well as Visayan Electric. It further expanded after the passage of the Electric Power Industry Reform Act in 2001.
In the next 12 months, the company is set to add more capacity to its portfolio, including the 340-mw Therma Visayas thermal power plants.