Aboitiz Power Corp. said Monday net income grew 32 percent in 2022 to P27.5 billion from P20.8 billion in 2021 on increased contribution from GNPower Dinginin Ltd. Co.
The company said in a disclosure to the stock exchange it recognized non-recurring gains of P1 billion in 2022, versus the P57 million in non-recurring gains in 2021.
Aboitiz Power said this was due to the portion of commodity hedge gains that were not recognized in fuel costs. Without these one-off gains, the company’s core net income last year reached P26.5 billion, or 27 percent higher than P20.8 billion in 2021.
Aboitiz Power attributed the increase in 2022 profit to fresh contributions from GNPD, which owns a 1,336-megawatt coal-fired power plant in Mariveles, Bataan, higher generation availability, gains from commodity hedges and higher water inflows.
“We have achieved another strong year in 2022, despite the challenges posed by the ongoing pandemic. Our pursuit of delivering reliable and sustainable power to our customers and our strategic investments in renewable energy have enabled us to remain resilient and adapt to changing market conditions,” said Aboitiz Power president and chief executive Emmanuel Rubio.
“As we move forward, we will continue to focus on expanding our renewable energy portfolio and leveraging digital technologies to enhance our operations and customer service. We remain optimistic about the future and are confident in delivering long-term value to all our stakeholders,” Rubio said.
Aboitiz Power’s consolidated net income reached P8 billion in the fourth quarter, or 56 percent higher than P5.2 billion it booked in the same period in 2021. Core net income in the fourth quarter was at P8.2 billion, up 61 percent year-on-year.
Aboitiz Power’s generation and retail supply business recorded earnings before interest, taxes, depreciation and amortization of P51.2 billion in 2022, or 18 percent higher than P43.4 billion recorded in 2021. Capacity sold in 2022 went up by 7 percent to 4,034 megawatts from 3,753 MW in 2021. Energy sold increased by 16 percent to 30,251 gigawatt-hours compared to 26,031 GWh in 2021.
AboitizPower’s distribution business recorded EBITDA of P8 billion, up 6 percent from P7.5 billion in 2021. Energy sales went up 4 percent to 5,785 GWh in 2022 from 5,583 GWh in 2021.