Aboitiz Power Corporation (AboitizPower) reported a 5% year-on-year increase in net income of P10.6 billion for the third quarter due to improved margins in its power generation business.
In a stock exchange disclosure on Wednesday, the company said the higher contribution from the generation segment was due to lower exposure to the spot market and increased water flow to its hydropower plants.
Profitable earnings before interest, taxes, depreciation and amortization (EBITDA) rose 12% to P22.2 billion from P19.8 billion a year earlier.
For the nine months ended September, AboitizPower's core net income fell 15% to P23.1 billion, reflecting the full impact of GNPower Dinginin Limited Company (GNPD)'s depreciation and interest expense. Including foreign exchange and derivatives gains, net income reached P23.3 billion.
Profitable EBITDA for the nine-month period was almost unchanged at P56.3 billion compared to P56.1 billion last year. The company said it was acquired by Chromite Gas Holdings, Inc. This was supported by new contributions of Rs. 1,000 crore and newly commissioned solar plants, which were offset by lower spot market prices.
AboitizPower has recently activated several solar facilities as part of its ongoing renewable energy expansion – including the 159-megawatt (MW) Laoag, 45-MW Armenia and 173-MW Calatrava plants.
Energy sales for the three-quarter period rose 19% to 32,138 gigawatt-hours (GWh). EBITDA of its generation and retail supply business rose 1% to P50.9 billion, while EBITDA of the distribution segment rose 2% to P7 billion on the back of a 5% increase in energy sold to 5,166 GWh.
For 2025, AboitizPower has allocated P78 billion in capital expenditures, primarily for its renewable energy portfolio.
The company, the power arm of Aboitiz Group, aims to expand its total attributable net salable capacity to 9.2 GW by 2030, with a 50:50 mix of renewable and thermal energy.
AboitizPower shares fell 0.49% or two centavos to P41 on Wednesday. – Sheldeen Joy Talavera
