Aboitiz Equity Ventures Inc. said Monday net income jumped 77 percent in 2021 to P27.3 billion from P15.4 billion in 2020.
AEV said in a disclosure to the stock exchange it recognized non-recurring gains of P527 million in 2021, on revaluation of dollar-denominated assets compared to the P477 million in non-recurring losses in 2020.
It said that without these one-off gains, AEV’s core net income last year was P26.8 billion, a 68-percent increase year-on-year.
Power accounted for 57 percent of the total income contributions from AEV’s strategic business units in 2021, while financial services represented 23 percent. Income contributions from real estate, food and infrastructure SBUs were at 9 percent, 7 percent and 5 percent, respectively.
“At the end of 2021, the Aboitiz Group’s performance trajectory continues to substantially improve, posting steadily rising figures. Our investments in digital transformation and innovation, matched by a strong culture of agility and resilience have paid off handsomely as we powered through the pandemic with strong performance indicators,” said AEV president and chief executive Sabin Aboitiz.
“We approach the coming year with balanced optimism as COVID begins to abate, vaccinations increase and our new strategic partnership with Jera kicks into full gear,” said Aboitiz.
“As we did with the current government, we look forward to working closely with the new administration in keeping our country on the steady path of economic development,” he said.
Aboitiz Power Corp. posted a net income of P20.8 billion last year, 66 percent higher than the P12.6 billion it earned in 2020. The company recognized non-recurring losses of P228 million due to the impairment losses of Therma Power Visayas Inc. and Redondo Peninsula Energy Inc., which were partially offset by net foreign exchange gains on the revaluation of dollar denominated liabilities, compared to the non-recurring gains of P45 million in 2020.
Aboitiz Power’s core net income was P21.1 billion, or 68 percent higher than P12.5 billion recorded in 2020 due to commissioning revenue from GNPD Unit 1, higher water inflow for hydro plants, higher availability of the Therma Luzon Inc., Therma South Inc. and Therma Visayas Inc. facilities and higher dispatch in compliance with the must-offer rule.
Aboitiz Power was also able to claim liquidated damages for the delay in the construction of GNPD Units 1 and 2 and also received the final payment for business interruption claims resulting from GNPower Mariveles Energy Center Ltd. Co. and AP Renewables Inc. outages in previous years.
“The new capacity from GNPD Unit 1 not only contributed to Aboitiz Power’s better financial performance but also delivered the much needed energy supply as economic activities gradually increased in 2021. We are optimistic that with the target synchronization of Unit 2 in the second quarter of 2022, GNPD will help address the country’s thin reserves and meet critical market needs,” Aboitiz Power president and chief executive Emmanuel Rubio said.
Aboitiz Power sold 3,753 megawatts of capacity last year, up 10 percent from 3,417 MW in 2020.
Meanwhile, Union Bank of the Philippines’ income contribution to AEV in amounted to P6.4 billion, up by 9 percent from P5.9 billion recorded in 2020. On a stand-alone basis, UnionBank and its subsidiaries recorded net income of P12.6 billion in 2021, or nine percent higher YoY.