MPIC Sees 20% YOY Income Rise; Up 14% For 4Q 2021 vs 4Q 2020

Metro Pacific Investments Corporation (PSE:MPI) (“MPIC” or the “Company”) today reported Consolidated Core Net Income of ₱12.3 billion for 2021, up 20% from ₱10.2 billion a year earlier.

Photo Insert: “Our solid financial performance this year is a result of the hard work and resilience of our people. I thank everyone in the MPIC Group for this success," said MPIC Chairman and President Manuel V. Pangilinan.

This substantial improvement from the 13% growth in the first half of the year was largely driven by improved traffic on its toll roads and a higher volume of electricity sold by Manila Electric Company (“Meralco”).

Core Net Income for the fourth quarter rose 14% to ₱2.8 billion compared with the same period in 2020.

This acceleration of growth reflected an improvement in performance notwithstanding the continued imposition of varying levels of quarantine across the country to contain the COVID19 pandemic and was partially augmented by the impact of the Corporate Recovery and Tax Incentives for Enterprises (“CREATE”) Law, which lowered corporate income tax rates from 30% to 25%.

Consolidated Reported Net Income attributable to owners of the parent company more than doubled to ₱10.1 billion following the gain recognized from the sale of Global Business Power (“GBP”) and Don Muang Tollways (“DMT”). These asset sales underscore MPIC’s commitment to optimizing its portfolio and realizing value for its stakeholders.

“Our solid financial performance this year is a result of the hard work and resilience of our people. I thank everyone in the MPIC Group for this success. While others chose to avoid risks by staying at home, our people stayed true to our promise and navigated through the challenges of keeping our enterprises running because everyone relies on us to keep the power on, the water flowing, the roads open, the hospitals operating, and the trains running.”

“Based on our full-year performance, it is clear that we are now reaping the value created from years of strategic investments in upgrading our infrastructure, operational systems, and overall ability to provide quality services.”

“We strived to provide uninterrupted service as this is at the heart of our mission to uplift our quality of life. With humility, we recognize the contribution of this consistent service delivery to the country’s gradual economic recovery. Our power and road networks and our healthcare group have enabled the widespread distribution of COVID-19 vaccines. Water is a critical resource in combating the pandemic and sustaining the population and socio-economic development. Numerous industries have reopened, especially during the last quarter of the year, which directly resulted in better outcomes for MPIC,” said MPIC Chairman and President Manuel V. Pangilinan.

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