Metro Pacific Investments Corp. said Monday it will likely exceed the P16.1-billion core net income target for 2023 as major toll roads, and water businesses surpassed their targets in the first half.
MPIC chief finance officer Chaye Cabal-Revilla said in a news briefing the company’s 2023 core net income would also likely top the P15.6 billion record core net income achieved before the pre-pandemic.
“We are trending to exceed our targets for this year given the good results of our core business. Our target was P16.1 billion before, so we will likely exceed that,” Cabal-Revilla said.
MPIC’s core net income climbed 33 percent year-on-year to P9.9 billion in the first half on improved operating results from toll road, power and water businesses.
Net income in the first semester also rose 8 percent to P10.2 billion from P9.5 billion in the same period last year which had the benefit of gains from the acquisition of Landco PacificCorp.
Among the company’s core businesses, power had the largest share at P9 billion or 72 percent of net operating income, while toll roads and water contributed P2.7 billion and P2.3 billion, respectively.
“Our consistently strong performance reflects significant volume increases for our core businesses on power, toll roads and water, bolstered by favorable tariff adjustments and savings resulting from operational efficiencies. We are also realizing the fruits of strategic investments in the power generation business, and we expect this to continue to be a driver of growth in the future,” said MPIC chairman, president and chief executive Manuel Pangilinan.
Meanwhile, toll road unit Metro Pacific Tollways Corp. is looking to re-list in the Philippine Stock Exchange by next year.
MPTC president and chief executive Rogelio Singson said the planned share sale would depend on how fast it could get ongoing projects done and have the committed tariff ready for implementation.
Singson said MPTC plans to use the proceeds from the initial public offering to repay its debt amounting to P140 billion.
Water utility firm Maynilad Water Services Inc. is also preparing to hold an IPO in 2025, two years ahead of the deadline.
Maynilad president and chief executive officer Ramoncito Fernandez said the company was required under its franchise to offer up to 30 percent of its shares to the public.
MPIC is preparing to delist share from the PSE and is the process of conducting a tender offer to acquire the shares held by the public.
