Power retailer Manila Electric Co. (Meralco) said Monday it posted a 22-percent increase in consolidated core net income (CCNI) to P45.142 billion in 2024 from P37.11 billion in 2023, led by the 6-percent sales growth.
The distribution business accounted for the largest share of Meralco’s CCNI at 62 percent to P28.1 billion, while the power generation business contributed P10.9 billion or 24 percent. The retail electricity supplier business and non-electricity businesses brought in a combined P6.1 billion or 14 percent.
“The year 2024 saw double-digit consolidated core net income [CCNI] growth—with generation, RES and distribution as well as non-power subsidiaries contributing to the year’s gratifying results. Total share of unregulated businesses now accounts for 38 percent of CCNI. We previously put together a strategy to maintain a balanced mix of regulated and unregulated businesses to accelerate growth and enhance profitability and we are actively executing this strategy,” said Meralco chairman and chief executive Manuel Pangilinan.
Pangilinan said if the company achieves a core income growth of 10 percent, the company is looking at a P49.6-billion CCNI for 2025. “So of course, I’m encouraging the management to achieve something…to P50 billion round off, you know,” he said.
Meralco’s reported net income, adjusted to exclude the effect of foreign exchange gains or losses and other one-time, exception transactions, also went up 21 percent to P45.859 billion last year from P38 billion a year earlier.
Consolidated revenues grew 6 percent to P470.4 billion from P443.6 billion in 2023, mainly due to the 6-percent rise in volume sold by the DU, and the increase in pass-through transmission charge.
“Beyond the strong financial performance, Meralco also moved ahead with critical activities, including securing legislative approval of our franchise renewal and application for our distribution rate reset, which would allow us to better serve and empower our customers in the next four years and beyond,” said Pangilinan.
Meralco’s consolidated DU energy sales volumes recorded a 6-percent growth, ending 2024 with 54,325 gigwatt-hours (GWh), up from 51,044 GWh the previous year.
Volumes attributable to Meralco and Clark Electric Distribution Corporation increased 6 percent and 4 percent, respectively, while Shin Clark Power Corporation brought in an additional 4 GWh.