Infrastructure conglomerate Metro Pacific Investments Corp. (MPIC) expects its full year core net income to “approach” the 2019 pre-pandemic level of slightly above P15 billion despite the current economic headwinds.
MPIC president and chairman Manuel Pangilinan said in a press briefing Wednesday core net income in 2022 would be better than the previous year’s level of P12.3 billion as core businesses were showing positive results at the start of the second half of the year.
“The major companies under the MPIC group are doing increasingly well in the second half, starting in July and the first three days of August,” said Pangilinan.
“We believe the full year would definitely be better than last year and I would hope that 2022 full year would at least approach what we accomplished in 2019 pre-pandemic which was slightly above P15 billion for income,” he added.
MPIC reported that core net income in the first half of the year hit P7.5 billion, up 24 percent from ₱6 billion year-on-year.
First-half reported net income attributable to the parent company, however, fell nine percent to P9 billion from a year ago that included a gain from the sale of Global Business Power and Don Muang Tollways.
Power accounted for ₱5.9 billion or 60 percent of net operating income, followed by toll roads, which contributed ₱2.5 billion, and water which accounted for ₱1.4 billion.
Other businesses, mainly real estate, hospitals, fuel storage, and light rail, incurred a net loss of ₱35 million.
Meanwhile, Pangilinan said MPIC remains keen on acquisitions, particularly in the areas of agriculture, tourism and logistics.
MPIC in June reported the acquisition of a controlling stake in premium ice cream maker Carmen’s Best Group from the Magsaysay family.
MPIC last month acquired an additional 22.542 million shares in unit Manila Electric Co., equivalent to about 2 percent of Meralco’s issued and outstanding capital stock at P344 apiece, or a total of P7.754 billion.
“I am hopeful that the positive tone toward infrastructure investment set by the new administration will lead to accelerating development for our country,” said Pangilinan.