MPIC's Core Income Soars 21% In 2024, Reaching Record High ₱23.6 Billion

Metro Pacific Investments Corporation achieved another record-breaking year, with Consolidated Core Net Income rising 21% to ₱23.6 billion in 2024, compared to ₱19.5 billion in 2023.

MPIC's outstanding full-year earnings result lies on the back of strong volume growth and the positive impact of long-overdue tariff adjustments. I Photo: Metro Pacific Tollways Corporation

Improved financial and operational performance across MPIC’s holdings drove a 16% increase in contribution from operations, reaching an all-time high of ₱28.4 billion.

This growth was primarily fueled by strong energy sales at Meralco, higher billed volumes at Maynilad Water, and increased traffic on toll roads, supported by higher tariffs.

Among MPIC’s core businesses, Power remained the largest contributor, generating ₱19.7 billion or 69% of Net Operating Income (NOI).

Meanwhile, Toll Roads and Water contributed ₱6.3 billion and ₱6.2 billion, respectively, representing 44% of NOI. Reported Net Income surged 41% to ₱28.2 billion, up from ₱19.9 billion, driven by non-recurring gains from MPIC’s real estate business and lower interest expenses.

Stand-Alone Performance of Core Operating Companies

MERALCO – Financial and Operational Highlights

• Total Revenues rose 6% to ₱470.4 billion, primarily due to higher energy sales by the distribution utility, which saw volume growth of 6% to 54,325 GWh.

  • Commercial segment (38% of sales mix): Up 7% to 20,406 GWh, driven by mall redevelopments, new store openings, and increased office occupancy.

  • Residential segment (36% of sales mix): Increased 9% to 19,455 GWh, as higher temperatures led to prolonged use of cooling devices.

  • Industrial segment: Marginal increase of 1% to 14,318 GWh.

    
    

• Consolidated Core Net Income climbed 22% to ₱45.1 billion, driven by strong performance in power generation, retail electricity supply, and non-power businesses.

  
  

• Reported Net Income grew 21% to ₱45.9 billion.

Metro Pacific Tollways Corporation (MPTC) – Financial and Operational Highlights

• Toll Revenues increased 16% to ₱31.6 billion, driven by toll rate adjustments across all markets and higher traffic in the Philippines.

  
  

• In September 2024, MPTC and its subsidiary PT Margautama Nusantara (MUN), in partnership with Warrington Investment Pte. Ltd. (WIP), acquired a 35% equity stake in PT Jasamarga Transjawa Tol (JTT) for approximately 15.75 trillion rupiah (US$960.3 million). JTT manages and operates the 676-kilometer Trans Java Toll Road in Indonesia. MPTC now effectively owns 22.9% of JTT.

• Average daily vehicle entries:

  • Philippines – Up 7% to 703,475

  • Vietnam – Down 2% to 76,113

  • Indonesia – Down 1% to 1,642,227, including JTT and Jakarta-Cikampek Elevated (Japex) Toll Road

    
    

• Core Net Income grew 9% to ₱6.4 billion, tempered by higher interest expenses related to the JTT acquisition loan.

  
  

• Reported Net Income increased 28% to ₱6.5 billion, boosted by a reduction in the Japex acquisition consideration, which was contingent on tariff hike approvals.

MAYNILAD – Financial and Operational Highlights

• Revenues surged 23% to ₱33.5 billion, driven by a 3% increase in billed volumes and a 20% tariff adjustment in early 2024.

  
  

• Core Net Income soared 40% to ₱12.8 billion, benefiting from lower operating expenses.

Balance Sheet Highlights – MPIC Parent

• Cash and cash equivalents (including short-term investments) stood at ₱11.5 billion, down from ₱14.2 billion at the end of 2023.

  
  

• Net debt slightly decreased to ₱61.5 billion, compared to ₱62.6 billion as of December 2023.

Conclusion

“Our strong full-year earnings reflect exceptional performance across our businesses, with the power, toll roads, and water sectors driving double-digit earnings growth. This success is the result of strong volume growth and the positive impact of long-overdue tariff adjustments. As we continue to invest heavily in service quality and operational efficiency, we remain focused on improving the lives of our customers while expanding sales and core profitability—ultimately creating long-term value for our investors,” said Manuel V. Pangilinan, MPIC Chairman, President, and CEO