AboitizPower nets more in 2022
Aboitiz Power Corp. saw its earnings rise by nearly a third last year due to higher contributions from its generation and retail supply, and distribution businesses.
AboitizPower reported a net income of P27.5 billion in 2022, 32 percent higher than the P20.8 billion recorded in the previous year.
The company said it recognized non-recurring gains of P1 billion in 2022, up compared to P57 million in nonrecurring gains posted in 2021.
The none-recurring gains relate to the portion of commodity hedge gains that were not recognized in fuel costs.
Without the one-off gains, AboitizPower’s core net income for 2022 stood at P26.5 billion, up 27 percent year-on-year.
Net income for the fourth quarter of 2022 alone surged by 56 percent to P8 billion from P5.2 billion in the same period in 2021.
“We have achieved another strong year in 2022 despite the challenges posed by the ongoing pandemic,” AboitizPower president and chief executive officer Emmanuel Rubio said.
“Our pursuit of delivering reliable and sustainable power to our customers and our strategic investments in renewable energy have enabled us to remain resilient and adapt to changing market conditions,” he said.
AboitizPower said its generation and retail supply business recorded an EBITDA of P51.2 billion in 2022, an 18-percent jump from P43.4 billion the previous year.
The increase was attributed primarily due to fresh contributions from GNPower Dinginin Ltd. (GNPD), higher availability across the company’s portfolio, gains from commodity hedges and higher water inflows.
GNPD, a partnership among AboitizPower’s Therma Power Inc., Ayala Corp.’s AC Energy Holdings Inc., and Power Partners Ltd. Co., owns a 1,336-megawatt (MW) coalfired power plant in Mariveles, Bataan.
AboitizPower’s sold capacity grew by seven percent year-on-year to 4,034 MW, while energy sold rose by 16 percent to 30,251 gigawatthours (GWh).
The company’s distribution business, on the other hand, recorded an EBITDA of P8 billion, six percent higher than 2021’s P7.5 billion.
Energy sales improved by four percent to 5,785 GWh in 2022, despite sales from the residential customer segment flat year-on-year.
Commercial and industrial energy sales, however, were higher by five percent due to recovering demand.
“As we move forward, we will continue to focus on expanding our renewable energy portfolio and leveraging digital technologies to enhance our operations and customer service. We remain optimistic about the future and are confident in delivering long-term value to all our stakeholders,” Rubio said.