San Miguel Global Power Holdings Corp. posted a 365-percent increase in consolidated net income in the first semester of 2025 to P34.573 billion from P7.438 billion in the same period last year.
SMGP said in its financial statements to the Philippine Dealing and Exchange Corp. that despite lower revenues in the six-month period, other income amounted to P21.654 billion, up from P3.776 billion a year ago.
SMGP said the surge was driven by the revaluation gain recognized from the dilution of equity interests in South Premiere Power Corp., Excellent Energy Resources Inc. and Ilijan Primeline Industrial Estate Corporation following the completion of the Chromite Gas Holdings Inc. (CGHI) transaction.
It said foreign exchange loss recognized during the period was lower compared to last year due to the appreciation of the Philippine peso against the US dollar.
SMGP said the deconsolidation’s impact was mitigated by improved margins from contracted capacities with fuel passthrough arrangements for most of its customers, including those with Manila Electric Co., as well as additional margins from ancillary services and the reserves market through its battery energy storage facilities.
Consolidated revenues in the first semester amounted to P80.147 billion, down by 19 percent from P98.944 billion recognized in the same period last year.
The company attributed the decline to divestment and resulting deconsolidation of SPPC, owner of the 1,278-megawatt Ilijan natural gas power plant.
The lower revenues also reflected a downward adjustment in fuel tariffs to bilateral customers as coal fuel prices went down by 21 percent during the period.
The effect of the deconsolidation was compensated by the revenue contributions from the full semester operations of four generation units of the 600-MW Mariveles coal plant and three battery energy storage facilities which started commercial operations in March 2024.
It also realized revenues from additional 5 BESS facilities with a total capacity of 140 megawatt-hours that commenced commercial operations in 2025 and Units 1 and 2 of Excellent Energy Resources Inc.’s Batangas combined cycle power plant, which is 33-percent owned by the group following the divestment.
Costs of power sold went down by 25 percent to P54.043 billion in the first semester from P72.468 billion in the same period last year.
