Infrastructure conglomerate Metro Pacific Investments Corp. (MPIC) said Tuesday it posted a net income of P16.1 billion in the first nine months of 2023, up 22 percent from P13.1 billion in the same period last year.
MPIC said in a statement the strong nine-month results were driven by strong contribution from power and water business and one-time gain from acquisition of Landco Pacific Corp.
Core net income also rose 37 percent to P16.2 billion from P11.8 billion a year earlier.
Power business accounted for the largest share at P13.8 billion or 69 percent of net operating income, while toll roads and water contributed P4.1 billion and P3.5 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,” said MPIC chairman, president and chief executive Manuel Pangilinan.
“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,” he said.
Consolidated core net income of Manila Electric Co. increased 53 percent to P30 billion, driven by the significant growth in contribution from the power generation business.
MPIC’s water utility firm Maynilad Water Services Inc. grew its nine-month net income by 46 percent to P6.8 billion on lower amortization resulting from the extension of the concession period.
Maynilad’s revenues jumped 18 percent to P20.3 billion, reflecting 2-percent growth in billed volume and higher effective tariffs.
Core net income of toll road subsidiary Metro Pacific Tollways Corp. stood flat at P4.1 billion due to the higher concession amortization on newly opened roads and financing cost on the Japex acquisition.
Revenues advanced 20 percent to P19,8 billion on combination of toll rate increases and traffic growth in the Philippines and Indonesia.
MPIC was delisted on the Philippine Stock Exchange in October.
“Together with our new partners, we look forward to further investing in national development and continuing to deliver high-quality essential services,” he said.