Manila Electric Co. (Meralco) said Monday its consolidated core net income (CCNI) grew 37 percent in 2023 to P37.1 billion from P27.1 billion in 2022, led by significant contributions from its power generation and retail electricity businesses and higher energy sales.
The power retailer’s consolidated reported net income also improved by 34 percent to P38 billion from P28.4 billion.
This led to Meralco’s board declaring a final cash dividend amounting to P11.235 per share to all shareholders of record as of March 27, 2024, payable on April 24, 2024.
Total cash dividend paid and to be paid out of 2023 CCNI would total P22.3 billion.
“I daresay that Meralco’s 2023 performance has exceeded expectations. This year, we expect to move forward with our long-term goal of achieving sustainable energy security through our investments in utility scale power generation projects, including exploring the possible adoption of nuclear energy in the country,” Meralco chairman and chief executive Manuel Pangilinan said.
“Our mission in Meralco goes beyond delivering innovative products and quality services to Filipino consumers. Our strategic expansion and social development initiatives have always been anchored on our firm commitment to create additional and transformative value to our stakeholders, power the country’s economic progress, and contribute further to the advancement of the government’s socio-economic agenda,” Pangilinan said.
The combined energy volume generated and sold by the power plants in the Philippines and Singapore amounted to 14,293 gigawatt-hours in 2023, flat versus 2022.
Meralco’s wholly-owned power generation subsidiary, Meralco PowerGen Corp., contributed P9.7 billion to Meralco’s CCNI in 2023, or 80 percent higher than P5.4 billion posted in 2022.
This was driven by continuing positive performance of PacificLight Power Pte. Ltd., the recovery of Global Business Power Corp. and the contribution of MGen Renewable Energy Inc.’s solar power projects.
MGen had combined power generation capacity of 2,240 MW in the Philippines and Singapore as of end-2023.
Consolidated revenues reached P443.6 billion, up from P426.5 billion on the combined effect of the increase in energy sales of the distribution utility and the downward impact of the distribution rate true up (DRTU) refund in 2022.
Consolidated DU energy sales rose 4 percent to 51,044 gigawatt-hours in 2023 from 48,916 GWh the previous year.
The commercial segment maintained the largest share in the sales mix, increasing to 37 percent from 36 percent previously.
Residential share remained at 35 percent, while industrial segment’s share slightly dipped from 29 percent to 28 percent.
Growth in consolidated customer count was sustained as it ended the year at 7.8 million, up 3 percent from 7.6 million in 2022.
Meralco invested P30 billion in 2023, of which 67 percent or P20.2 billion was utilized for network capital expenditures that covered new connections, asset renewals and load growth projects as well as pole relocation works to support various government infrastructure projects.
