Manny Pangilinan's Metro Pacific Investments Corporation gets a boost from the reopening of the economy, which pushed up toll road traffic and power consumption.
MANILA, Philippines – Metro Pacific Investments Corporation reported a 15% jump in consolidated core net income to P14.2 billion in 2022, driven mainly by the recovery in toll road traffic and growth in power consumption.
Power accounted for P12.4 billion or 65% of net operating income, while its toll roads business contributed 30% or P5.7 billion. Water contributed 14% or P2.7 billion, while MPIC’s other businesses incurred a loss of P1.8 billion.Revenues rose 34% to P426.5 billion, while core net income grew 21% to P28.4 billion – the highest ever level.Metro Pacific Tollways Corporation
Toll revenues grew 31% to an all-time high of P22.9 billion, while core net income increased 46% to P5.7 billion.Revenues rose 4% to P22.9 billion, but core net income declined 7% to P6 billion due to higher operating costs.Revenues jumped by 58% to P1.8 billion, but the company registered a core net loss of P472 million due to the start of amortization of concession assets and borrowing costs.
“It has been a transformative year for MPIC. With the same commitment that we have poured into the country’s underinvested utilities sector, we have now bravely pushed ahead with our plans to invest in Philippine agriculture, a critical area of focus with profound ties to poverty reduction and food security,” said MPIC chairman, president, and chief executive officer Manny Pangilinan.
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