ABOITIZ Equity Ventures Inc. (AEV) on Thursday reported a 63-percent increase in consolidated net income to P13.6 billion in the first half, driven by stronger contributions from its energy, banking, food and infrastructure businesses.
In a disclosure, the listed conglomerate also said that second-quarter consolidated net income rose 40 percent to P7.3 billion compared to the same period last year.
Excluding nonrecurring items, core net income reached P13.7 billion, which AEV said reflected sustained operational strength across its business units.
“Transformation is not defined by a single breakthrough, but by consistently making better decisions, executing with discipline, and staying focused on long-term goals,” Aboitiz Group President and CEO Sabin Aboitiz said.
“Every investment we make today is intended to strengthen our businesses, satisfy our customers, and support our nation’s continued growth,” he added.
AboitizPower remained the group’s biggest earnings contributor, contributing P10 billion in net income during the first half.
The power unit’s solid performance was attributed to the integration of the 797-megawatt Caliraya-Botocan-Kalayaan Hydroelectric Power Plant Complex, new solar facilities, higher contracted capacity and the full first-half contribution of Chromite Gas Holdings Inc.
UnionBank contributed P3.4 billion to group earnings after posting P6.9 billion in first-half net income, supported by continued lending growth and investments in digital banking, with the bank’s customer base said to have expanded to 19.3 million during the period.
The food and beverage business contributed P4 billion. Earnings in the segment were supported by stronger demand for flour, livestock feeds, pet food, specialty nutrition products and aqua feed, as well as higher sales volumes at Coca-Cola Europacific Aboitiz Philippines.
Meanwhile, Aboitiz InfraCapital continued expanding its airport, telecommunications and water infrastructure businesses while the group’s real estate business pursued residential and industrial estate developments.
As of June 30, AEV reported consolidated assets of P1.0 trillion, cash and cash equivalents of P86.6 billion and a net debt-to-equity ratio of 0.9 times, providing the company with “the flexibility to continue investing in strategic growth opportunities.”
On Thursday, the company’s shares slipped P1.00, or 2.74 percent, to close at P35.50 each in line with a weaker broader market, with the Philippine Stock Exchange index finishing the day down 0.74 percent.
