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Abotiz Group reports 243% growth in net profit

Aboitiz Equity Ventures Inc. said Thursday net income jumped 243 percent in the first half to P13.5 billion from P3.9 billion in the same period last year.

The company said in a disclosure to the stock exchange that excluding the non-recurring losses of P169 million, core net income in the first half hit P13.6 billion, a 246-percent increase year-on-year.

“The Aboitiz Group’s positive performance in the first half is a solid foundation for optimism that our country is on the right track to economic recovery,” said Aboitiz Group president and chief executive Sabin Aboitiz.

“Looking ahead, we see some headway in our own strategic growth objectives and the new CREATE law should enable businesses to make even more significant strides to regain lost ground,” Aboitiz said.

He said COVID-19 Delta variant remained a very real threat “so we have to be cautious in our next steps.”

“Our most important priority remains the safety and wellbeing of our team members as we begin our company’s own vaccination program. Likewise, we continue to work closely with the national and local governments to help ensure that the Philippines succeeds in overcoming the pandemic,” said Aboitiz.

AEV recorded consolidated net income of P4.9 billion in the second quarter, a 159-percent increase from P1.9 billion a year ago. Core net income in the second quarter climbed 194 percent to P4.9 billion.

Power accounted for 53 percent of the total income contributions from AEV’s strategic business units in the first six months. Aboitiz Power Corp.’s net income jumped 171 percent to P10.1 billion from P3.7 billion a year earlier.

“We’ve seen more economic activity in the first half with the easing of COVID-related restrictions. The increase in energy demand helped us recover from our financial performance in the same period last year,” Aboitiz Power president and chief executive Emmanuel Rubio said.

Rubio said GNPower Dinginin Unit 1 would begin commercial operations and deliver the much-needed additional capacity to the Luzon grid.

“In the next 10 years, our focus will be to grow our Cleanergy portfolio to 4,600 megawatts. This is well on track as we have several renewable energy projects that are in various stages of development. The significant growth of Cleanergy will bring our overall capacity to 9,200 MW by 2030, with a 50:50 balance between renewables and thermal. This is our contribution to addressing the country’s energy trilemma of the reliability, affordability, and sustainability of our energy supply,” Rubio said.

Union Bank of the Philippines and its subsidiaries recorded a net income of P8.3 billion in the first half or 94 percent from a year earlier. Non-listed food subsidiaries Pilmico Foods Corp., Pilmico Animal Nutrition Corp., and Pilmico International Pte. Ltd. contributed P1.1 billion in profit in the first half, up by 35 percent from P795 million in the same period in 2020.

Non-listed real estate businesses Aboitiz Land Inc. and its subsidiaries, reported consolidated net income of P385 million in the first half, recovering from P39 million in losses in the same period in 2020.

Republic Cement & Building Materials, Inc.’s income contribution to AEV amounted to P1.3 billion, recovering from the P10 million in losses a year ago, on the back of stronger market demand, driven by the residential and infrastructure segments.

Topics: ​Aboitiz Equity Ventures Inc. , net income , Aboitiz Group , Sabin Aboitiz
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