Metro Pacific Investments Corp. has earmarked P116.15 billion for capital expenditure for this year after it posted a 41.36 percent increase in attributable profit for 2024.
Chaye Cabal-Revilla, MPIC’s chief finance, risk and sustainability officer, said the planned capex is 15 percent higher than the actual capital spending of P101 billion last year.
MPIC expanded its 2024 capex by 26.25 percent over 2023’s P80 billion, company executives said during a press briefing to announce its 2024 results.
Controlled by businessman Manny Pangilinan, MPIC generated an income of P28.16 billion in 2024 compared to P19.92 billion in the prior year.
Revenue grew by 19.22 percent to P73.12 billion from P61.33 billion.
Cabal-Revilla said MPIC is looking to grow its core income by a “low double-digit” this year.
This was after a “record high” of P23.6 billion in core income last year, up 21 percent from P19.5 billion in 2023, according to Cabal-Revilla.
MPIC in a statement said last year’s performance was driven by strong growth in energy sales at Meralco, higher billed volumes at Maynilad, and increased traffic at the toll roads complemented by higher tariffs at MPTC.
Among the company’s core businesses, power contributed the biggest share at P19.7 billion, or 69 percent of net operating income (NOI).
In comparison, toll roads and water contributed P6.3 billion and P6.2 billion, respectively, representing 44 percent of NOI, it said.
The power business under Meralco posted revenue of P470.4 billion, up 6 percent, as energy sales grew by 6 percent to 54,325 GWh.
Meralco’s net income hit P45.9 billion, up 21 percent, while core net income grew 22 percent to P45.1 billion.
The toll road business under MPTC posted revenue of P31.6 billion, up 16 percent.
MPTC recorded a net income growth of 28 percent to P6.5 billion, while core net income grew 9 percent to P6.4 billion.
The water business under Maynilad posted revenues of P33.5 billion, up 23 percent. Billed volume grew by 3 percent.
