AboitizPower posts P10-B profit in H1

ABOITIZ Power Corp. booked a consolidated net income of P10 billion in the first six months of 2022, down by 2 percent from P10.1 billion recorded in the same period last year.

In a disclosure, the company said non-recurring gains improved to P861 million in January-June period due to gains on Therma Luzon Inc.’s hedge and the appreciation of the US dollar versus the P34 million in non-recurring gains recorded during the same period last year.

“Without these one-off gains, core net income for the second quarter of 2022 was P6.2 billion, 59 percent higher year on year. This was primarily due to fresh contributions from GNPower Dinginin Ltd. Co.’s (GNPD) Units 1 and 2, higher availability of the GN Power Mariveles Energy Center Ltd. Co. facility, timing windfall on the account of higher indices and higher water inflows,” Aboitiz Power said.

During the six-month period, AboitizPower’s generation and retail supply business recorded Ebitda (earnings before interest, taxes, depreciation and amortization) of P23.1 billion, an increase of 13 percent from P20.5 billion recorded during the corresponding period in 2021. The company attributed this to fresh contributions from GNPD Units 1 and 2, higher availability of the GMEC facility, timing windfall from higher indices and higher water inflow.

Capacity sold in the first half of 2022 increased by 5 percent to 3,785 megawatts (MW), compared to 3,600 MW for the same period in 2021.

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Energy sold, likewise, improved by 17 percent to 13,762 gigawatt-hours (GWh) for the first half of 2022, compared to 11,790 GWh for the corresponding period in 2021.

On the other hand, AboitizPower’s distribution business recorded Ebitda of P3 billion, 27 percent lower than the P4.1 billion posted in the same period last year. This was driven by delayed pass through of higher generation charges.

Energy sales increased to 2,778 GWh from 2,745 GWh for the same period in 2021. Energy sales from the residential customer segment decreased by 1 percent due to lower consumption because of Typhoon “Odette” and the cooler weather, AboitizPower said.

“We are optimistic that we will be able to maintain our high plant availability performance throughout the rest of the year, given the increasing economic activity across the country. AboitizPower remains firm in our mission of providing energy supply that is reliable, affordable and sustainable,” Emmanuel Rubio, AboitizPower’s president and chief executive officer, said.