Aboitiz Equity Ventures Inc. said Tuesday net income reached P24.8 billion in 2022, or 9 percent lower than P27.3 billion it booked in 2021.
AEV said in a disclosure to the stock exchange it recognized non-recurring gains of P3.5 billion last year on foreign exchange gains from the US dollar cash revaluation and liquid financial instruments, compared to the P527 million in non-recurring gains in 2021.
The conglomerate said that without these one-off gains, core net income in 2022 reached P21.3 billion, a 21 percent decline year-on-year.
“As we closed another transformative year for the Aboitiz Group, our techglomerate continues to take shape, not just in our financial reports, but also in the major culture shifts taking place within our organization. We will continue to focus our energy and resources on strategic innovation and, more importantly, on people and talent,” said Aboitiz Group president and chief executive Sabin Aboitiz.
Consolidated net income in the fourth quarter went down by 55 percent to P3.5 billion from P7.8 billion in the same period in 2021.
AEV signed a strategic partnership with JERA Asia Private Limited for Aboitiz Power Corp. in 2021 as part of its transformation strategy.
AEV’s equity ownership in Aboitiz Power was reduced from 77 percent to 52 percent effective end of 2021, resulting in a lower share in Aboitiz Power’s earnings, as reflected in the full-year results of 2022.
Power accounted for 62 percent of the total income contributions from AEV’s strategic business units last year, while financial services accounted for 27 percent and real estate for 11 percent.
Income contributions from food and infrastructure SBUs were at zero and -1 percent, respectively.
Aboitiz Power’s income contribution to AEV amounted to P14.3 billion in 2022, or 11 percent lower than P16 billion recorded in 2021.
Aboitiz Power’s net income reached P27.5 billion, or 32 percent higher than P20.8 billion in 2021.
Union Bank of the Philippines’ income contribution to AEV reached P6.3 billion.
AEV’s non-listed real estate businesses—Aboitiz Land Inc. and Lima Land Inc.—reported a consolidated net income of P2.6 billion in 2022.
Aboitiz Land contributed P4 billion in revenues for 2022, or 23 percent higher than revenue contributions in 2021.