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account_balanceMetro News account_circleLinda Flores chat_bubble_outline0 Comments

Metro Pacific Investments Corporation (“MPIC” or the “Company”) today reported Consolidated Core Net Income of P16.2 billion for the first nine months of 2023, up 37% from P11.8 billion a year earlier.  

Improved financial and operating results from MPIC’s holdings delivered a 31% increase in contribution from operations, mainly driven by the strong performance of the power generation business and higher water tariff for the water concession.

Among the Company’s Core businesses, Power had the largest share at P13.8 billion or 69% of Net Operating Income while Toll Roads and Water contributed P4.1 billion and P3.5 billion, respectively. 

Reported Net Income attributable to the Parent Company increased 22% to P16.1 billion compared with P13.1 billion last year, which had the benefit of gains from the acquisition of Landco Pacific Corporation.




Financial and Operational Highlights

  • Total Revenues rose 6% to P335.2 billion, reflecting increased pass-through charges, higher generation revenues and growth in volumes sold. 

    • Consolidated distribution utility energy sales volumes grew 4.4% to 38,164 GWh.

  • Consolidated Core Net Income (“CCNI”) increased 53% to P30.0 billion, driven by the significant growth in contribution from the power generation business.

  • Meralco PowerGen Corporation (“MGen”) contributed P10.2 billion or 34% of CCNI, almost tripling from P3.7 billion a year earlier, primarily driven by the contribution of Singapore%u2010based PacificLight Power Pte. Ltd. and positive contributions of the operating power projects in the Philippines.  Reported Net Income improved 44% to P28.4 billion. 

  • Capital expenditures amounted to P21.1 billion and were directed at network upgrade and pole relocation programs in support of government infrastructure projects, build-out of the tower business and construction of its solar projects.



Financial and Operational Highlights

  • Toll Revenues grew 20% to P19.8 billion due to a combination of toll rate increases and traffic growth in the Philippines and Indonesia.

  • Average daily vehicle entries

    • Philippines - rose 14% to 654,580

  • Vietnam - increased 7% to 78,194 

  • Indonesia - climbed 85% to 485,910, which included 197,442 vehicles from the Jakarta-Cikampek Elevated Toll Road (“Japex”), acquired in 2H 2022

  • Core Net Income was flat at P4.1 billion due to the higher concession amortization on newly opened roads and financing cost on the Japex acquisition.



Financial and Operational Highlights

  • Revenues grew 18% to P20.3 billion reflecting 2% growth in billed volume and higher effective tariffs. 

  • Core Net Income up 46% to P6.8 billion due to lower amortization resulting from the extension of the concession period.

  • Capital expenditure amounted to P14.5 billion, up 41% from last year, as Maynilad continued to deliver on its obligations under the approved business plan. 


  • Cash and cash equivalents and short-term investments amounted to P7.5 billion. 

  • Net debt amounted to P71.1 billion versus P73.6 billion in December 2022.


“Our consistently strong performance reflects significant volume increases for our core businesses on power, toll roads, and water, bolstered by favorable tariff adjustments and savings resulting from operational efficiencies. We are also realizing the fruits of strategic investments in the power generation business, and we expect this to continue to be a driver of growth in the future,” said MPIC Chairman, President and CEO Manuel V. Pangilinan.

“Together with our new partners, we look forward to further investing in national development and continuing to deliver high-quality essential services.”

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