MANILA - Metro Pacific Investments Corp said on Wednesday its consolidated core net income reached P14.2 billion in 2022, higher by 15 percent compared to the previous year.

Power consumption and toll road traffic growth contributed to the improved financial and operating results, MPIC said in a disclosure to the stock exchange.

Net income attributable to the parent company rose 4 percent to P10.5 billion, it said.

Meralco registered a total revenue of P426.5 billion, higher by 34 percent. Its core net income increased 10 percent to a record high of P27.1 billion due to higher contributions from the power generation business, MPIC said.

Metro Pacific Tollways Corp, meanwhile, registered a record total toll revenue of P22.9 billion, which is 31 percent higher than the same comparable period, MPIC said. Traffic growth and toll rose in the Philippines and Indonesia, it said. Core net income rose 46 percent to P5.7 billion, MPIC said.

MPIC also operates Maynilad, Light Rail Manila Corp and Metro Pacific Health, among others.

"Our continuing earnings growth reflects significant volume increases for all our core businesses together with our intense focus on operational efficiencies. This has been achieved on the strength of years of significant investments in improving the quality of services," MPIC Chairman, President and CEO Manual Pangilinan said.

The group had also launched several agriculture ventures such as the launch of its Vegetable Greenhouse Project and the acquisition of 34.6 percent of coconut exporter Axelum Resources Corp.

"With the same commitment that we have poured into the country’s underinvested utilities sector, we have now bravely pushed ahead with our plans to invest in Philippine agriculture, a critical area of focus with profound ties to poverty reduction and food security. We have always believed that improving the quality of essential services and helping to address the basic needs of our stakeholders is a necessary step in creating sustainable long-term value," he added.

• Metro Pacific to acquire 34.76 percent of coconut exporter Axelum for P5.32 billion
• MVP salad? Metro Pacific building PH's largest vegetable greenhouse in Bulacan

FROM THE ARCHIVES

Watch more News on iWantTFC