Manila Water Company on Monday reported an 88-percent increase in net income to P10.5 billion in 2024.
The company attributed the performance to strong revenue growth in its east zone concession and contributions from its non-east zone Philippines (NEZ PH) businesses. Cost management and operational efficiency initiatives also contributed to the profitability.
Manila Water reported a record-high EBITDA of P25.9 billion, with an EBITDA margin of 71 percent, up four percentage points from the previous year. EBITDA refers to earnings before interest, taxes, depreciation and amortization.
Excluding non-recurring items such as business divestments and impairment provisions, core net income rose 48 percent to P14.2 billion, with a core net income margin of 39 percent, up eight percentage points.
Consolidated revenues increased 19 percent to P36.6 billion, driven by increased billed volume and tariff adjustments in the east zone concession and several NEZ PH businesses. Total costs and expenses were P11.8 billion.
The east zone concession reported a 20-percent increase in revenues to P28.8 billion, primarily due to the second tranche of the rate rebasing tariff adjustment in January 2024 and consumption growth. EBITDA increased 22 percent to P20.7 billion, with an EBITDA margin of 72 percent.
NEZ PH business earnings more than tripled to P2.3 billion from P750 million in the previous year. This was attributed to an 8-percent increase in billed volume, tariff adjustments and contributions from key business units, pushing revenues past P9 billion.
Manila Water International reported lower contributions from its minority investments in Thailand and Vietnam. The company said it is assessing its international portfolio and exploring long-term value creation opportunities.
