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The net income of Manila Electric Co. (Meralco) in the January-September period this year rose by 19% to P33.76 billion from the P28.40 billion logged in the same period last year.
Meanwhile, Meralco’s consolidated core net income (CCNI) for the said period was recorded at P35.10 billion, increasing by 17% from the P30.02 billion recorded in the same period last year.
Meralco chief finance officer Betty Siy-Yap said their CCNI increased from the 4% growth in sales volume, the higher contribution from global business power plants, higher trading gains, and higher yields from fixed income placements.
Meralco Chairman and Chief Executive officer Manuel Pangilinan said that sales volumes in the third quarter remained strong as preparations for the holiday season has started.
“Our third quarter performance held the double-digit growth in Meralco’s nine-month CCNI, driven by the continued growth momentum of the distribution utility, power generation, and retail electricity supply segments,” he said.
Pangilinan also sees Meralco exceeding its P43-billion profit guidance for 2024.
“Based on the strength of Meralco’s financial and operating results for the nine months accompanied by a continuing positive outlook, we expect to exceed the P43.0-billion profit guidance we set out in the first half, paving the way for another year of record earnings,” he said.
For this year, Meralco has allocated P40 billion for its capital expenditures (capex), of which P24 billion will be for distribution utilities and P4 billion for power generation.
As of the end of September, Meralco had a a customer count of 7.99 million, 4% more than the 7.77 million recorded the same period in 2023.
“With our customer count seen breaching the 8-million mark, we foresee the need to be even more aggressive in investing in grid modernization projects and operational efficiency through advanced metering infrastructure that will make our network more robust, more resilient, and more intelligent,” Meralco executive vice president and chief operating officer Ronnie Aperocho said.
Meanwhile, the price of Meralco shares increased by 28% over a 12-month period, or from P355 on October 31, 2023 to P492.60 on October 28, 2024 (Monday).
(PHOTO FROM MERALCO WEBSITE)
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