Conglomerate Metro Pacific Investments Corp. (MPIC), the local unit of Hong Kong’s First Pacific Co. Ltd., reported on Wednesday a record net income of P19.9 billion in 2023, up 90 percent from P10.5 billion in 2022 as core businesses benefitted from higher tariffs and volume.
MPIC said in statement core net income went up 38 percent to P19.5 billion from P14.2 billion in 2022 as consolidated revenues climbed 4 percent to an all-time high of P443.6 billion.
Income contribution from operations rose 29 percent to P24.5 billion, driven by the strong performance of the power generation business and higher tariffs at its water concession.
Among the company’s core businesses, power posted the largest contribution of P15.2 billion or 62 percent of net operating income, while toll roads and water businesses contributed 5.8 billion and P4.4 billion, respectively.
“All of our core business segments performed consistently well in 2023. Meralco’s power generation business is becoming a steady contributor to its growth with promising expansion opportunities in the pipeline. Traffic on our toll roads under MPTC [Metro Pacific Tollwasy Corp.], rising by double digits and Maynilad is benefiting from the catch-up of delayed tariff increases,” said MPIC chairman, president and chief executive Manuel Pangilinan.
“We are working hard to make 2024 another banner year for MPIC, and our operating companies on the expectation that greater private sector participation in infrastructure development will help propel our nation to higher growth in the near term and further ahead,” he said.
MPIC chief finance officer Chaye Cabal-Revilla predicted that net income would increase by double-digit this year as all core businesses were expected to continue to deliver positive growth.
Meralco posted volume growth in the first two months, while traffic in the group’s toll roads remained strong.
MPIC was delisted on the local bourse last year after conducting a tender to all minor shareholders.
Revilla said MPIC would allot P140 billion for 2024 capital expenditures mainly for the expansion projects of power, toll roads and water units.