MPIC Posts Strong Q1 Gains On The Back Of Core Infrastructure Strength

Metro Pacific Investments Corporation (MPIC) marked a robust start to 2025, posting a 17% year-on-year increase in Consolidated Core Net Income to ₱6.6 billion in the first quarter, up from ₱5.6 billion in the same period last year.

Metro Pacific Investments Corporation posted a 48% jump in reported net income in Q1 2025, driven by strong infrastructure returns and a strategic asset sale. | Illustration: TFD

The earnings growth reflects the conglomerate’s strategic positioning in essential infrastructure sectors and the continued economic reopening.

According to the company’s latest earnings release, the rise in profitability was underpinned by a 16% increase in operational contributions, totaling ₱7.9 billion. The growth was largely driven by improved performance across its power, water, and healthcare segments—demonstrating the defensive strength of MPIC’s diversified portfolio.

Power remained the company’s cornerstone, contributing ₱4.9 billion or 62% of Net Operating Income (NOI), supported by Meralco’s 10% increase in total revenues to ₱114.5 billion.

The distribution utility’s energy sales climbed by 2% to 12,493 GWh, with gains in commercial and residential demand despite some drag from declining offshore gaming operations.

Meralco’s consolidated core net income rose 11% to ₱11.2 billion, while reported income hit ₱10.4 billion.

Meanwhile, water utility Maynilad saw revenues grow 6% to ₱8.6 billion, driven by an 8% tariff increase in early 2025. Its core net income jumped 17% to ₱3.6 billion, aided by cost discipline and higher interest income.

Metro Pacific Tollways Corporation (MPTC), the group’s toll road arm, reported a 16% uptick in revenues to ₱8.7 billion, bolstered by higher traffic volumes in the Philippines and rate adjustments.

However, net income slightly dipped due to elevated interest expenses linked to its acquisition of Indonesia’s PT Jasamarga Transjawa Tol and increased capital spending.

The quarter also saw MPTC solidify its control over NLEX Corporation, raising its stake to 83.8% through the ₱5.5 billion buyout of Egis Investment Partners Philippines.

On the healthcare front, Metro Pacific Hospitals continued to benefit from rising patient volumes, though specific figures were not detailed in the report. The segment remains a critical pillar in MPIC’s long-term growth strategy.

The company’s reported net income soared 48% to ₱9.1 billion, buoyed by a one-off gain from the sale of its oil storage asset, Philippine Coastal Storage and Pipeline Corporation.

MPIC Chairman and CEO Manuel V. Pangilinan expressed confidence in the company’s trajectory: “These results reflect the steady execution of our strategy and the strength of our foothold in power, water, toll roads, and healthcare. Looking ahead, we remain focused on sustaining this growth trajectory and expanding our presence in power and agribusiness—both critical to national development.”

Despite a slight dip in cash holdings to ₱10.6 billion from ₱11.5 billion at end-2024 and a trimmed net debt position at ₱59.4 billion, MPIC’s balance sheet remains sound, positioning it for continued investment in growth areas.

As MPIC accelerates its push into agribusiness and renewable energy, it is clear the company is preparing for a future where infrastructure resilience and sustainability are top priorities.

With its core operations delivering stable returns and strategic investments gaining traction, the company is on course to remain a vital player in the Philippines’ economic development.