Aboitiz Equity increased net profit to P17.3 billion in nine months

Aboitiz Equity Ventures Inc. posted a net income of P17.3 billion in the first nine months of 2018, up nine percent from P15.9 billion year-on-year.

Core net income stood at P17.7 billion, up four percent from P17.1 billion a year ago.

AEV attributed the higher income to the contribution of the company’s power, food, and land strategic business units.

“We welcome the gains posted by our strategic business units for the first nine months of the year. This reflects the strength of a focused growth strategy that endeavors to do well by doing good in advancing business and communities,” AEV president and chief executive officer Erramon Aboitiz said in a statement Wednesday.

Power accounted for 72 percent of the total income, followed by banking and financial Services, food, land, and infrastructure at 17 percent, eight percent, two percent, and one percent, respectively.

“We remain on the lookout for opportunities that not only help accelerate the country’s economic growth but more importantly, become catalysts of positive change through our products and services,” Aboitiz said.

Aboitiz Power Corp. recorded a net income of P16.7 billion in the first nine months, up six percent from P15.7 billion on year.   

Aboitiz Power’s core net income in the first nine months reached P18.4 billion, up five percent on year.

“Our strong financial performance in the first nine months of 2018 was driven by the continuously increasing demand for reliable, affordable, and sustainable power supply. We were able to take advantage of this demand by growing our capacity and our balanced mix portfolio of renewable and thermal assets,” Aboitiz Power chief operating officer Emmanuel Rubio said. 

“We hope to sustain this steady growth momentum as we march to our 4,000-MW net attributable target in 2020, allowing us to continue advancing business and communities by providing the power supply that is reliable, reasonably priced, and responsibly produced,” he said.

Aboitiz Power sold 3,162 megawatts during the period, almost the same level from 3,158 MW a year ago.  

UnionBank, meanwhile, recorded net income of P6.1 billion, down five percent from the P6.4 billion a year ago due to lower contributions from CitySavings.

AEV’s non-listed food units Pilmico Foods Corp., Pilmico International Pte. Ltd. and Gold Coin Management Holdings Ltd. reported a net income of P1.5 billion, up 26 percent higher than the P1.2 billion recorded last year.

Topics: Aboitiz Equity Ventures Inc. , Erramon Aboitiz , Aboitiz Power Corp. , core net income
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