Electricity retailer Manila Electric Co. expects its performance to be better this year as the economy rebounds from the COVID-19 pandemic, its top executive said over the weekend.
“I was actually happy to read the news that 400,000 people got reemployed. I hope it continues. In Meralco, we see an uptick in the volume that we are selling. Of course, residential continues to increase, but manufacturing is starting to get back on its feet. We are seeing that in the volume of manufacturing. Commercial is a bit slow so far, but maybe in time as the lockdowns are relaxed,” Meralco chairman Manuel Pangilinan said.
Meralco posted a 9-percent decline in consolidated core net income to P21.7 billion last year from P23.8 billion in 2019 on lower sales.
Consolidated energy sales volumes reached 43,572 gigawatt-hours in 2020, or 7-percent lower than the 2019 volume.
“But I think our volumes will be higher this year, and I think profits will be better than in 2020,” Pangilinan said.
Meanwhile, the MVP Group led by Pangilinan started vaccinating its non-medical personnel on Friday. Meralco joins the government in containing the outbreak of COVID-19 by ensuring that its 5,700 workforce are regularly tested, supplied with the necessary personal protective equipment, provided supplements to boost their immunity and given prompt medical attention at the first sign of symptoms or infection.
“Surely better than 2020. That is why we need to continue opening up the economy. Anywhere we can help the government helps the business sector,” he said.
Pangilinan also said the acquisition of Global Business Power Corp. would also help boost profitability this year.
Meralco PowerGen Corp., a unit of Meralco, acquired an 86-percent stake in Global Business Power Corp. from Metro Pacific Investments Corp. and JG Summit Holdings Inc. for P32.86 billion, net of dividends and interest costs.
He said the election preparations would also help increase Meralco’s sales volumes.
“Yes, because you will put more money into the income stream of people. So better than before,” Pangilinan said.
Pangilinan earlier said the country needed to jumpstart the economy sooner rather than later.
“The planned nationwide rollout of the COVID-19 vaccines is the first and most critical step towards alleviating fear, which is a prime deterrent to mobility. To this end, we have joined others in the private sector in procuring vaccines not only for Meralco, but also for the broader MVP Group,” Pangilinan said.