Manila Electric Co. (Meralco) is looking at full-year consolidated core net income of P40 billion in 2024, as first-quarter income climbed 11 percent to P10.1 billion on the back of higher sales volume.
Meralco chairman Manuel Pangilinan said the company was looking at a higher CCNI of P40 billion this year, up from P37.1 billion in 2023.
“As we continue to deliver stable and reliable service to our customers, we reiterate our pursuit to bring in projects of scale that will boost available generation capacity which we direly need to ensure not just the immediate, but the long-term energy security of the country,” Pangilinan said.
“This year, along with our partner and in close coordination with the government, we hope to proceed with the full feasibility study on the possible adoption of nuclear energy. Similarly, we will endeavor to implement more sustainable initiatives to cater to more underserved communities in the country. Given the foregoing, Meralco’s CCNI for the full year is expected to reach over P40 billion,” Pangilinan said.
Meralco said the distribution business accounted for 58 percent or P5.8 billion, while power generation brought in P2.7 billion or 27 percent. RES and the non-power businesses took the remaining P1.5 billion or 15 percent.
Consolidated reported net income increased 19 percent in the first quarter to P9.6 billion from P8.1 billion.
Consolidated revenues hit P104.5 billion, slightly lower than P105.6 billion in 2023 on lower pass-through charges and energy fees.
Meralco spent P9.4 billion in the first quarter, of which P4.99 billion was utilized for distribution networks that included new connections, asset renewals and load growth projects, among others.
Meralco’s consolidated distribution utility energy sales volumes in the first quarter rose to 12,307 gigawatt-hours from 11,287 GWh, as volumes of Meralco and Clark Electric Distribution Corp. increased by 9 percent and percent, respectively.
“The growth in our first quarter sales volume reflects the growing demand for power from across all customer segments with the improving economic prospects. In the month of April this year, we already reached record peak demand in the Meralco franchise area, which exceeded 9,000 MW,” Meralco executive vice president and chief operating officer Ronnie Aperocho said.
Meralco attributed the robust quarterly sales volume growth to higher temperature amid the El Niño phenomenon, one more day in February due to the leap year, and increased momentum of its recovering Industrial segment.