Conglomerate Aboitiz Equity Ventures Inc. (AEV) said Thursday it booked net income of P11.5 billion in the first half of 2024, up 10 percent from P10.5 billion reported in the same period last year.
The company said in a stock exchange filing core net income in the first half reached P11.4 billion, higher by 2 percent than P11.1 billion a year ago, minus non-recurring net gain of P83 million.
Net income rose 2 percent to P6.6 billion in the second quarter, excluding non-recurring net gain of P137 million.
The company’s core net income in the second quarter totaled P6.4 billion, down 1 percent from the same period in 2023.
AEV said power accounted for 65 percent of the total net income contribution, followed by food and beverage which accounted for 20 percent.
Net income contributions from banking, real estate and infrastructure businesses were at 18 percent, 3 percent and -5 percent, respectively.
Aboitiz Power Corp.’s net income contribution to the group fell 2 percent to P9.1 billion from P9.3 billion a year earlier.
Net income contribution from Union Bank of the Philippines also declined 23 percent to P2.5 billion in the first half.
Aboitiz Land, Inc. and its subsidiaries reported a consolidated net income of P445 million in the six-month period, or 14 percent higher than P389 million recorded in the same period in 2023.
This was attributed to higher revenues from the newly-launched phases of existing projects and more units sold this year.
Net income contribution from the food and beverage segment, which includes Pilmico Foods Corp., Pilmico Animal Nutrition Corp., Pilmico International Pte. Ltd. and Coca-Cola Beverages Philippines Inc. (CCBPI) jumped more than 15 times to P2.8 billion in the first half.
AEV said this was driven by the food group’s flour and agribusiness divisions, which continued to benefit from stabilizing commodity prices and strategic selling prices adjustments and fresh contributions from CCBPI which AEV acquired on Feb. 23, 2024.
Aboitiz InfraCapital Inc.’s income contribution to AEV amounted to a loss of P312 million in the first six months, a reversal from the P334-million profit recorded a year earlier.
This was mainly the result of higher interest expense from the increased debt availments of Aboitiz InfraCapital for expansion.
