Bilyonaryo - Business

Pangilinan-led Metro Pacific reports lower Q1 earnings but eyes continued growth through strategic investments

May 3, 2023

Bilyonaryo.com

Metro Pacific Investments Corp. (MPIC), the infrastructure conglomerate led by bilyonaryo Manny V. Pangilinan, reported a 12 percent drop in its first quarter earnings due to the absence of gains from the acquisition of a subsidiary it recorded last year.

MPIC’s reported net income amounted to P5 billion from January to March, down from the previous year’s P5.7 billion.

The company, however, reported a 38 percent jump in core earnings, reaching P4.3 billion, thanks to improved financial and operating results delivered by the power generation and water concession businesses.

“Our strong performance for the first quarter reflects significant volume increases for our power, toll roads, water and healthcare businesses, bolstered by favorable tariff adjustments and savings resulting from operational efficiencies,” Pangilinan said.

He expressed optimism for MPIC”s continued growth, driven by the strategic investments in the power generation business. Power accounted for 75 percent of the holding firm’s net operating income at P4.2 billion, followed by toll roads at 23 percent with a contribution of P1.3 billion. Water also contributed P1.1 billion or 19 percent of net operating income.

MPIC has expressed its intention to go private soon through a voluntary delisting process. Upon successful delisting, MPIC plans to continue its business and to invest in other sectors of the economy in the Philippines and other parts of South East Asia.

Pangilinan said the tender offer and successful delisting would allow MPIC’s minority shareholders to realize a significant premium over the historical share prices of MPIC.

He said a delisted MPIC would be better aligned with the objectives of the bidders to continue investing in long-term infrastructure projects supporting sustainable economic growth in the Philippines.

Pangilinan said the delisting also “potentially paves the way for finally unlocking the value of MPIC’s core businesses through individual IPOs, which could ultimately benefit shareholders.”

Related News Tags: earnings, Manny V. Pangilinan, Metro Pacific

‘Strong evidence of stock market manipulation’: Helsinki-based fund manager dumps and disses Pinoy company; disrespects Governor’s office

A fund manager of Helsinki-based Evli Emerging Frontier Fund has publicly criticized an unnamed Philippine company after divesting its shares.

Shareholders stuck: PSE extends trading suspension for 5 listed companies led by Manila Jockey

Shares of five publicly-listed corporations will continue to be suspended as they have failed to comply with the structured reportorial requirements of the Philippine Stock Exchange (PSE).

Lopez-led First Balfour set to break ground on P24 billion North South Commuter Railway project

First Balfour Inc., a company under the Lopez conglomerate, and its partner are set to commence the construction of a portion of the North South Commuter Railway (NSCR) project in the first half of the year.

Rising to the challenge: Chris Gonzalez leads ICTSI’s drive to propel MICT into the ranks of global terminal giants

International Container Terminal Services Inc. (ICTSI) has announced a substantial investment of P15 billion for the construction of a cutting-edge berth at its flagship Manila International Container Terminal , aiming to elevate MICT to new heights.

BOC, European business groups join forces for trade advancement

The Bureau of Customs (BOC) recently convened with the European Union-ASEAN Business Council (EU-ABC) and the European Chamber of Commerce of the Philippines (ECCP) to bolster trade and investment opportunities between the Philippines and European businesses.

‘Strong evidence of stock market manipulation’: Helsinki-based fund manager dumps and disses Pinoy company; disrespects Governor’s office

Shareholders stuck: PSE extends trading suspension for 5 listed companies led by Manila Jockey

Lopez-led First Balfour set to break ground on P24 billion North South Commuter Railway project

Rising to the challenge: Chris Gonzalez leads ICTSI’s drive to propel MICT into the ranks of global terminal giants

BOC, European business groups join forces for trade advancement

DBM calls on agencies to ramp up disbursements and spending

DOF welcomes Senate approval of estate tax amnesty extension

MPIC eyes tender offer launch after obtaining shareholder mandate

Government surpasses expectations with P66.8 billion budget surplus in April

Recommended from sister websites

→ Abogado
No evident bad faith: Ex-Surigao del Sur mayor cleared of malversation raps

→ Abogado
Mas magaling ba kayo sa Kongreso? Pimentel questions Maharlika fund board’s wide-reaching power on investing public money

→ Politiko
Senate OKs estate tax amnesty extension ’til 2025, 2 priority bill

→ Politiko
Economy on the mend: Diokno says over P200B collected from tax reform

→ Bankero
MSME loans show resilience in Philippine banking sector, reach P236.9 billion

Power

Ricky Razon’s Prime Energy enters global petroleum industry through partnership with AGT

Prime Energy Resources Development B.V., led by bilyonaryo Enrique K. Razon Jr., has inked a deal with Abu Dhabi National Oil Company (ADNOC) Global Trading (AGT) to provide condensate from the Malampaya gas field.

Money

Doubts over Maharlika Fund persist as Senate mulls passage

A lawmaker continues to harbor doubts about creating the Maharlika Investment Fund (MIF) even if the bill has been certified as urgent by President Ferdinand Marcos Jr.

Business

Shareholders stuck: PSE extends trading suspension for 5 listed companies led by Manila Jockey

Shares of five publicly-listed corporations will continue to be suspended as they have failed to comply with the structured reportorial requirements of the Philippine Stock Exchange (PSE).

Property

Robinsons Land unveils Mantawi Residences: A tribute to John Gokongwei Jr.’s vision in Cebu’s real estate market”

Robinsons Land Corp. (RLC), the real estate arm of conglomerate JG Summit Holdings, is paying homage to the visionary founder, John Gokongwei Jr., with its latest residential offering, Mantawi Residences.