MPIC Core Net Income Up 23% To ₱3.1 billion For First Quarter Of 2022

Metro Pacific Investments Corporation (PSE:MPI) (“MPIC” or the “Company”) today reported Consolidated Core Net Income of ₱3.1 billion for the first quarter of 2022, up 23% from ₱2.5 billion a year earlier.

Photo Insert: The story of the year is "economic recovery," stated MPIC Chairman Manuel V. Pangilinan.

The Company benefitted from continued economic recovery and intensified election-related activities in the country. Toll road traffic is now close to pre-pandemic levels, and power consumption has considerably increased as more industries ramp up operating capacity.

Contribution from operations increased 14% to ₱4.3 billion and is accounted for as follows: Power - ₱2.5 billion or 58% of the total; Toll Roads - ₱1.2 billion or 29%; Water - ₱0.6 billion or 14%; and other businesses, mainly Hospitals, Light Rail, Fuel storage, and Logistics, incurred an overall loss of ₱76 million

Following a series of debt refinancing and re-rating activities that were strategically implemented in 2021, the Company is now enjoying the benefits of a significant reduction in its average interest rates, evidenced by the 11% decline in net interest costs for the first quarter.

Reported Net Income attributable to the Parent Company of ₱5.7 billion for the first quarter of 2022 was lower by 19% compared to the same period last year as a result of the sale of Global Business Power and Don Muang Tollways (“DMT”) in the first quarter of 2021.

Total Comprehensive Income rose 8% to ₱7.5 billion due to the translation adjustment gain of foreign investments and disposal of DMT in 2021.

“Economic recovery continues to be this year’s story. It is MPIC’s story as well, but one that is inextricably linked to everyone else’s. Understanding this interconnectedness is a crucial lesson we have learned from the pandemic: that we need to come together to work out how we can progress from a crisis; that our development as a business is tied to the advancement of others. Such progress is as significant as profit and is therefore linked to creating value for all. In other words, that our progress is yours as well,” said MPIC Chairman Manuel V. Pangilinan.

“The continuing strong demand for our services despite geopolitical uncertainties supports our optimism for 2022. That said, it is rather early to give our earnings guidance for the year. Our focus over the near to medium term is to continue to deliver on our commitments to support infrastructure development in the country. We are also actively evaluating opportunities in multiple sectors that will potentially enable further economic development such as logistics, agriculture, real estate, and tourism.”

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