Aboitiz Equity Ventures Inc., the listed holding company of the Abotiz Group, said consolidated net income jumped 44 percent in the first nine months to P17.1 billion from P11.9 billion a year ago, led by the power business.
Aboitiz Equity said in a statement power accounted for 63 percent of its income, followed by the banking and financial services with 22 percent; food with 7 percent; infrastructure with 7 percent; and land strategic business with 1 percent.
Core net income also went up by 37 percent to P17.1 billion in January to September from a year ago.
“Our efforts to pursue organic growth, invest in new assets and strengthen operational capabilities have resulted in strong profit contributions from our power, banking and financial services and infrastructure business units. As we ride on the tailwind that a growing economy brings, we will continue to build a sustainable, responsible and industry-leading enterprise,” Aboitiz Equity president and chief executive Erramon Aboitiz said.
Aboitiz Power Corp., the company’s power unit, recorded a 24 percent year-on-year increase in nine-month profit to P15.1 billion from P12.2 billion. Core net income also improved 17 percent in the first nine months to P15.2 billion.
Aboitiz Power’s profit increase was fueled by a higher income contribution from the company’s power generation business, led by the Therma South thermal power plant in Davao City.
“We recognize the importance of providing baseload capacity”•such as our Therma South and Pagbilao thermal power plants”•in ensuring reliable and affordable power for our consumers. In addition, we continue to employ new and more efficient technologies, operating our power plants at par with government standards as part of our commitment to a responsible power generation process,” said Aboitiz Power president and chief operating officer Antonio Moraza.