Coke, power business boost Aboitiz earnings
Aboitiz Equity Ventures Inc. (AEV), the Aboitiz Group’s investment arm, reported a 22 percent improvement in consolidated net income to ₱4.9 billion for the first quarter of 2024 from the ₱4.0 billion earned in the same period last year boosted by its beverage and power business units.
In a disclosure to the Philippine Stock Exchange, the firm said that, excluding non-recurring net loss of ₱54 million, its core net income for the first quarter of 2024 was ₱5.0 billion, eight percent higher than the core net income of ₱4.6 billion during the corresponding p e - riod in 2023.
“The first quarter of the year has been an exciting one for the Aboitiz Group, as we continue to build on our strong foundation of sustainable growth,” said Aboitiz Group President and CEO Sabin M. Aboitiz.
He noted that, “With the successful acquisition of the Coca-cola business, we are well-positioned to capitalize on new opportunities and expand our reach in the market.
“Our financial performance this quarter reflects the hard work and dedication of our team, and we look forward to continued success in the months ahead.”
Aboitiz Power Corporation’s (Aboitizpower) net income contribution to AEV for the first quarter of 2024 amounted to ₱4.2 billion, seven percent higher than the ₱3.9 billion recorded in the same period in 2023.
Power accounted for 67 percent of the total net income contributions from AEV’S Strategic Business Units (SBU) in the first quarter of 2024, while Financial Services accounted for 16 percent.
Net income contributions from Food and Beverage, Real Estate, and Infrastructure SBUS were at 15 percent, five percent, and -3 percent, respectively.
On a stand-alone basis, Aboitizpower’s core net income for the first quarter of 2024 was ₱7.8 billion, three percent higher than the ₱7.6 billion recorded in 2023. Its reported net income for the first quarter of 2024 was ₱7.9 billion, four percent higher than the reported net income of ₱7.5 billion in 2023. (James A. Loyola)