MPIC core net income hits P4.3-B in Q1, up 38 pct


Posted at May 03 2023 06:15 PM

MANILA – Metro Pacific Investments Corporation said its consolidated core net income hit P4.3 billion in the first quarter of 2023, up 38 percent from the same period last year. 

The firm credited the results to the strong performance of its power generation business and higher billed volumes from the water concession.

Power accounted for P4.2 billion or 75 percent of net operating income, while toll roads contributed P1.3 billion or 23 percent. Water contributed P1.1 billion or 19 percent. 

Other businesses, mainly Light Rail, Healthcare, Agribusiness, Real Estate, and Fuel Storage, meanwhile incurred a net loss of P967 million, the company said.

“Our strong performance for the first quarter reflects significant volume increases for our power, toll roads, water and healthcare businesses, bolstered by favorable tariff adjustments and savings resulting from operational efficiencies," said MPIC Chairman, President and CEO Manuel Pangilinan.

He said the power generation business will continue to be a driver of growth in the future.
Pangilinan also said MPIC’s core investments in infrastructure in the Philippines have not been fully reflected in MPIC’s share price "for some time" which was a reason for its filing to delist from the stock exchange.

"The tender offer and successful delisting will allow MPIC’s minority shareholders to realize a significant premium over the historical share prices of MPIC," Pangilinan said. 

He added that a delisted MPIC will potentially unlock the value of its core businesses through individual IPO.


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