Aboitiz Equity Ventures Inc. (AEV) saw its net income fall 23 percent to P18.1 billion in 2024 from P23.5 billion in 2023 as it recognized a P7.4-billion one-time loss mostly related to an asset impairment.
AEV’s core net income, which excludes nonrecurring income or expense items outside normal activities, rose 15 percent to P25.5 billion from P22.1 billion in 2023.
Power accounted for 59 percent of the consolidated net income contributions from core business in 2024, while financial services and food and beverage each accounted for 20 percent.
Net income contributions from real estate and infrastructure units were at 3 percent and -2 percent, respectively.
AEV said that in the fourth quarter, consolidated core net income reached P6.7 billion, up 39 percent year-on-year from P4.8 billion.
After factoring in the non-recurring net losses of P7.4 billion, AEV incurred a consolidated net loss of P645 million in the fourth quarter of 2024, a reversal of the P5.5-billion net income reported in the fourth quarter of 2023.
Aboitiz Power Corp’s net income contribution to group amounted to P18 billion, or 4 percent higher than the P17.3 billion recorded in 2023.
Net income contribution from Union Bank of the Philippines amounted to P6 billion, 32 percent higher than P4.5 billion it booked in 2023.
AEV’s real estate unit Aboitiz Land Inc. and its subsidiaries reported a consolidated net income of P943 million in 2024, down 9 percent year-on-year.
Net income contribution from Aboitiz InfraCapital Inc. amounted to P644 million, lower by 73 percent than a year ago as AEV’s share in Republic Cement & Building Materials, Inc.’s loss widened to P1.1 billion due to the continued year-on-year decline in sales volume and selling prices amid weak market demand for cement.
Meanwhile, 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 Europacific Aboitiz Philippines Inc. (CCEAP) reached P5.9 billion in 2024.
This was more than four times higher than the P1.3 billion recorded in 2023 due to stabilizing commodity prices and fresh contributions from AEV’s 40-percent stake in CCEAP.