Manila Water Co. reported a 39 percent jump in net income to ₱10.1 billion for the first nine months of 2024, benefiting from tariff hikes in its East Zone Concession and a rebound in customer demand.
Revenues rose by 19 percent to ₱27.5 billion, driven by the implementation of the second tranche of tariff adjustments in the East Zone, as well as rate increases across its other domestic operations.
The company also saw a three percent rise in billed volume, which further supported topline growth.
Despite a four percent increase in operating costs, totaling ₱8.8 billion, driven by facility expansions and service improvements, Manila Water’s EBITDA climbed 26 percent to ₱19.2 billion.
The East Zone Concession saw its net income surge 45 percent to P9.3 billion on the back of a 20 percent rise in revenues to ₱21.8 billion, fueled by higher industrial demand and tariff adjustments.
Manila Water’s non-East Zone operations, which include businesses in Laguna, Clark, Boracay, and Estate Water, posted net profit of P908 million, up 89 percent year on year. Revenue grew 23 percent to ₱6.5 billion, driven by a six percent rise in billed volume.
International operations under Manila Water International reported a net loss of ₱19 million, primarily due to lower contributions from its investments in Thailand and Vietnam. The company cited higher raw water costs and lower revenues in Thailand’s East Water, as well as increased operating expenses in Vietnam’s Thu Duc Water and Kenh Dong Water.
Capital expenditures for the group reached ₱16.7 billion, with the East Zone accounting for 90 percent of the total. The company continues to prioritize investment in water and wastewater infrastructure to meet regulatory requirements and expand its service capabilities.
Jocot de Dios, president and CEO of Manila Water, credited the company’s strong performance to its focus on building operational efficiencies and enhancing service reliability.
“When we set out on our path to recovery and growth three years ago, we knew fully well that the road ahead would not be easy. We understood that sacrifices would need to be made at the onset, so that we can establish a robust structure and adopt practices that will result in sustainable efficiencies in our operations, better, more reliable service to our customers, and a more disciplined view of how we pursue growth,” he said. ” I am happy to see that our hard work is now paying off, and even more excited to see what lies ahead.”
