Aboitiz Power Corp. posted a 2% increase in net income to P33.9 billion in 2024, despite recognizing depreciation and interest costs related to GNPower Dinginin Ltd. Co.’s (GNPD) Units 1 and 2.
Excluding the impact of GNPD’s depreciation and interest, the company’s net income growth would have been 18% year-on-year, AboitizPower said in a regulatory filing.
The company’s core net income rose 5% to P33.7 billion in 2024 while earnings before interest, taxes, depreciation, and amortization (EBITDA) climbed 13% to P73.3 billion, driven by higher generation portfolio margins and increased energy sales in its distribution utility business.
Additional capacity from the 159-megawatt-peak (MWp) Laoag and 94 MWp Cayanga solar plants, along with growth in retail supply volume, also contributed to the company’s EBITDA gains.
In the fourth quarter alone, beneficial EBITDA surged 20% to P17.2 billion.
AboitizPower’s generation and retail supply segment recorded an 11% increase in EBITDA to P66.7 billion, supported by higher portfolio margins, the energization of the Laoag solar plants, and the full-year contribution of the Cayanga solar plant.
Total energy sales remained flat at 36,004 gigawatt-hours (GWh) compared to 2023. However, its distribution business saw a 13% increase in beneficial EBITDA, attributed to higher energy demand fueled by the El Niño weather phenomenon.
Residential and commercial energy sales grew by 13% and 5% year-on-year, respectively.
AboitizPower’s total consolidated assets stood at P517.6 billion as of December 2024, marking a 6% increase from P487.0 billion at the end of 2023.
