AboitizPower Nets P4 Billion

Aboitiz Power Corporation recorded a consolidated net income of ₱4.0 billion for the second quarter of 2021, 136% higher than the ₱1.7 bn recorded in the corresponding period in 2020.

Photo Insert: AboitizPower has an ISO certification on Business Continuity Management under its belt

The Company recognized non-recurring gains of ₱34 million (mn) during the period, lower than the ₱251 mn non-recurring gains recorded during the same period last year.

Without these one-off gains, core net income for the second quarter of 2021 was ₱3.9 bn, 175% higher year-on-year (YoY). This was due to commissioning revenue from the Company’s new facility, GNPower Dinginin Unit 1, as well as higher water inflow, higher demand, and higher WESM dispatch in compliance with the must offer rule, the company disclosed to the Philippine Stock Exchange.

On a year-to-date (YTD) basis, AboitizPower’s net income for the first half of 2021 was ₱10.1 bn, 171% higher than the ₱3.7 bn recorded last year.

The Company recognized non-recurring gains of ₱5 mn during the relevant period, lower than the non-recurring gains of ₱224 mn during the same period, due to net foreign exchange gains on the revaluation of dollar-denominated liabilities.

Without these one-off gains, the Company’s core net income for the first half of 2021 was ₱10.1 bn, 188% higher than the ₱3.5 bn recorded during the same period last year. This was primarily due to commissioning revenue from GNPower Dinginin Unit 1, higher water inflow, higher demand, and higher WESM dispatch in compliance with the must offer rule.

AboitizPower was also able to claim liquidated damages for the delay in the construction of GNPower Dinginin Ltd. Co. and received the final payment for business interruption claims resulting from GNPower Mariveles Energy Center Ltd. Co.’s (GMEC) outages in 2019.

“We’ve seen more economic activity in the first half with the easing of COVID-related restrictions. The increase in energy demand helped us recover from our financial performance in the same period last year,” AboitizPower President and Chief Executive Officer Emmanuel V. Rubio said.

“Later this year, GNPower Dinginin Unit 1 will begin commercial operations and deliver the much needed additional capacity to the Luzon grid. In the next 10 years, our focus will be to grow our Cleanergy portfolio to 4,600 MW. This is well on track as we have several renewable energy projects that are in various stages of development. The significant growth of Cleanergy will bring our overall capacity to 9,200 MW by 2030, with a 50:50 balance between renewables and thermal. This is our contribution to addressing the country’s energy trilemma of the reliability, affordability, and sustainability of our energy supply,” Rubio added.

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