Meralco eyes 6% jump in sales as businesses step up

Manila Electric Company (Meralco) is looking at close to 6 percent sales growth this year, driven by the rebound of the commercial sector.

Ferdinand Geluz, Meralco first vice president and the chief commercial officer, said the 6 percent sales growth is 4 percent higher than the pre-pandemic 2019 numbers.

He said the commercial segment rebounded with the easing of covid protocol/ restrictions and reopening of the economy and the growth of the industrial sector, such as plastics and F&B.

Meralco expects to post a higher core net income this year, driven by strong power demand.

The company’s core net income reached P19.6 billion in the first nine months, with the sustained growth in energy sales and higher earnings from its power generation business. Reported net income grew 20% to P19.8 billion.

Meralco customers reached 7.6 million as energization activities, particularly for mixed-use buildings, condominiums, subdivisions, and retail and telecoms customers, continued.