AEV’s pro t rises 22% on strong contribution from business units

ABOITIZ Equity Ventures Inc. (AEV) said Friday its consolidated net income went up 22 percent to P4.9 billion in the first quarter of 2024 from P4 billion in the same period last year.

AEV said in a disclosure to the Philippine Stock Exchange that excluding non-recurring net loss of P54 million, the company’s core net income for the first quarter reached P5 billion, or 8 percent higher than P4.6 billion in the comparative period 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. 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,” Aboitiz Group president and chief executive Sabin Aboitiz said.

“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,” he said.

Power accounted for 67 percent of the total net income contributions from AEV’s strategic business units (SBUs), while the financial services represented 16 percent.

Net income contributions from food and beverage, real estate and infrastructure SBUs were at 15 percent, 5 percent and -3 percent, respectively.

Aboitiz Power Corp. posted core net income of P7.8 billion in the first quarter. Its net income reached P7.9 billion, up 4 percent from P7.5 billion a year ago.

“AboitizPower continued its strong performance in the first quarter of 2024, building on its successful 2023. This momentum reflects the effectiveness of our investments and growth strategies, which further reinforces our dedication to providing reliable, affordable, and sustainable power while driving the nation’s development,” AboitizPower president and chief executive Emmanuel Rubio said.