Manila Water Co. reported a 25-percent increase in its net income to P12.6 billion in the first three quarters, fueled by sustained topline growth in its east zone concession and non-east zone Philippines businesses.
The water utility said in a statement its robust financial showing was also supported by continuous initiatives toward operating efficiency and productivity, helping it post a 14-percent growth in earnings before interest taxes depreciation and amortization (EBITDA) to surpass P21 billion.
This translated into a three-percentage-point improvement in the EBITDA margin to 73 percent. Excluding a one-off gain of P1.1 billion recognized from the sale of its investment in East Water in Thailand, core net income increased by 15 percent to P11.6 billion, with the core net income margin improving by two percentage points to 39 percent.
Revenues in east zone concession increased by double-digits to P24 billion, with the implementation of the third tranche of the approved rate rebasing tariff adjustment in January 2025. Despite the revenue boost, billed volume saw a 1-percent decline, attributed to lower consumption from residential customers with fewer reading days and lower cross-border volume.
