Aboitiz Power’s profit climbed 32% to P27.5b on higher energy sales

By Alena Mae S. Flores

ABOITIZ Power Corp. said Monday net income grew 32 percent in 2022 to P27.5 billion from P20.8 billion in 2021 on increased contribution from GNPower Dinginin Ltd. Co.

The company said in a disclosure to the stock exchange it recognized nonrecurring gains of P1 billion in 2022, versus the P57 million in non-recurring gains in 2021.

Aboitiz Power said this was due to the portion of commodity hedge gains that were not recognized in fuel costs. Without these one-off gains, the company’s core net income last year reached P26.5 billion, or 27 percent higher than P20.8 billion in 2021.

Aboitiz Power attributed the increase in 2022 profit to fresh contributions from GNPD, which owns a 1,336-megawatt coal-fired power plant in Mariveles, Bataan, higher generation availability, gains from commodity hedges and higher water inflows.

“We have achieved another strong year in 2022, despite the challenges posed by the ongoing pandemic. Our pursuit of delivering reliable and sustainable power to our customers and our strategic investments in renewable energy have enabled us to remain resilient and adapt to changing market conditions,” said Aboitiz Power president and chief executive Emmanuel Rubio.

“As we move forward, we will continue to focus on expanding our renewable energy portfolio and leveraging digital technologies to enhance our operations and customer service. We remain optimistic about the future and are confident in delivering long-term value to all our stakeholders,” Rubio said.

Aboitiz Power’s consolidated net income reached P8 billion in the fourth quarter, or 56 percent higher than P5.2 billion it booked in the same period in 2021. Core net income in the fourth quarter was at P8.2 billion, up 61 percent year-on-year.

Aboitiz Power’s generation and retail supply business recorded earnings before interest, taxes, depreciation and amortization of P51.2 billion in 2022, or 18 percent higher than P43.4 billion recorded in 2021. Capacity sold in 2022 went up by 7 percent to 4,034 megawatts from 3,753 MW in 2021. Energy sold increased by 16 percent to 30,251 gigawatt-hours compared to 26,031 GWh in 2021.

ICTSI’s net income advances 44% to $618.46m on strong revenues

INTERNATIONAL Container Terminal Services Inc. said Monday said net income grew by 44 percent in 2022 on the back of higher operating income.

The port operator said net profit amounted to $618.46 million last year, up from $428.57 million in 2021. Revenue from port operations went up 20 percent to $2.24 billion from $1.87 billion.

“In a year marked by geopolitical unrest and inflationary pressures, we took clear and robust actions to focus on our cost initiatives and implemented a selective and disciplined capex [capital expenditures] program which has pleasingly created value for our stakeholders,” said ICTSI chairman and president Enrique Razon Jr.

International Container Terminal Services Inc. continues to go above and beyond its concession obligations with the Philippine Ports Authority, adding another berth at the Manila International Container Terminal—the Philippines’ premiere gateway for international trade. Currently under phase two development, MICT’s berth 8 has a design depth of 15 meters that will enable the terminal to handle foreign ultra large container vessels with capacities of up to 18,000 TEUs. MICT is capable of handling neoPanamax ships through berths 6 and 7, which are operated by five quay cranes. A sixth crane is scheduled to arrive in July and will be operational within the year. Berth 8 will operate with a minimum of four QCs – two of which will be delivered in 2025.

Strong

By Jenniffer B. Austria

FOOD manufacturer Universal Robina Corp. said Monday net income from continuing operations grew 12 percent in 2022 to P14.5 billion on the back of a double digit growth in sales for both domestic and international markets.

URC said in stock exchange filing unaudited sales in 2022 reached P149.9 billion, up 28 percent year-on-year, boosted by strong fourth-quarter performance. Sales in the fourth quarter jumped 35 percent from the same period last year, on sustained reopening of economies.

“We have closed out the year strong, turning in a record performance across all our business units and surging well above pre-pandemic levels. The structural work we have done over the last few years has allowed us to capitalize on the growth opportunities from the reopening of the economy in 2022,” URC president and chief executive Irwin Lee said.

“While the weaker economic backdrop continues, our business fundamentals remain constructive and we remain strongly positioned to deliver sustainable growth. I would like to thank colleagues across the Group who have worked hard to deliver an excellent year of results during a choppy year and the strength of our financial and operational results is testament to their hard work and commitment,” he said.

“In the coming year, we will continue to execute our plans to keep our margin recovery on track. We remain confident that the strength of our portfolio of ‘Products and Brands that People Love’ will continue to drive growth into 2023 and beyond, as we stay true to our purpose of providing good food choices

ICTSI handled consolidated volume of 12,216,190 twenty-foot equivalent units in 2022, or 9 percent more than 11,163,473 TEUs it registered in the same period in 2021.

It said the increase in volume was due to consolidation of Manila North Harbour Port Inc. in Manila starting September 2022; volume growth and improvement in trade activities as economies continued to recover from the impact of the COVID-19 pandemic and lockdown restrictions; and new shipping lines and services at certain terminals.

Excluding the volume contribution of MNHPI, International Container Terminal Services Nigeria Ltd.—the company’s new terminal in Port of Onne, Nigeria and Davao Integrated Port and Stevedoring Services Corp. in Davao which ceased operations on June 30, 2022, consolidated volume would have increased by 5 percent.

The company’s consolidated cash operating expenses in 2022 was 17 percent higher at $612.12 million compared to $523.33 million in 2021.

Darwin G. Amojelar

for consumers.” Lee said.

Branded consumer goods, which include domestic and international branded consumer foods but exclude packaging, registered sales of P105.9 billion last year, up 29 percent from 2021.

Sales of branded food group in the Philippines reached P 73.6 billion, up by 23 percent from a year ago, while overseas sales jumped 46 percent yearon-year to P32.3 billion.

CONGLOMERATE SM Investments Corp. said Monday it will buy out the shares held by minority stockholders in transportation and logistics firm 2GO Group Inc. at P14.64 apiece.

SMIC will spend P5.54 billion to acquire 378.817 million common shares in 2GO, representing 15.39 percent, owned by the public.

The tender offer is in line with the conglomerate’s previously announced plan to delist 2GO from the local bourse.

SMIC said the tender offer price was based on the independent and fairness valuation report prepared by BPI Capital Corp. The tender offer period will be from March 15 to April 28, 2023, while payment and settlement date will be from May 2 to 10, 2023.

The conglomerate appointed BDO Securities Corp. as tender offer agent. Since the announcing the tender offer on Feb. 28, the share price of 2GO jumped 50.7 percent to P11.64 on Friday. Jenniffer B. Austria

February inflation

likely reached 8.9% —Moody’s Analytics

By Julito G. Rada

MOODY’S Analytics, a division of

Moody’s Corp., said Monday inflation in the Philippines likely accelerated to 8.9 percent in February from a 14-year high of 8.7 percent in January, which may prompt the Bangko Sentral ng Pilipinas to again raise the interest rates in its next policy meeting.

The Philippine Statistics Authority will release the official inflation data on Tuesday.

Moody’s Analytics earlier said inflation in the country could be “stubbornly elevated” and odds were high that the monetary policy tightening cycle would run for longer in the Philippines than elsewhere in Asia.

BSP Governor Felipe Medalla said monetary authorities remained hawkish and were ready to act accordingly if inflation in February continued to accelerate.

“We are still hawkish… If the February inflation is bad, we will act. But we are hawkish for a reason…It is the data,” Medalla said last month.

He said the most likely scenario could be one more rate hike, but this could change depending on the trajectory of inflation.

The BSP on Feb. 16, 2023 raised the benchmark policy interest rate by another 50 basis points to 6 percent to rein in inflation that blew past the target range last year.BSP data showed the last time the policy rate hit 6 percent was in August 2008 during the global financial crisis.

The BSP’s Monetary Board noted that the latest baseline inflation forecast path had shifted higher relative to the previous assessment. Average inflation is projected to breach the upper end of the 2 percent to 4 percent target range at 6.1 percent in 2023, before returning to 3.1 percent in 2024.

Malixi, WAAP field set for tough test at Singapore golf

WHILE she has tackled courses of varying characters back home and abroad, this will be Rianne Malixi’s first stint at the Singapore Island Country Club.

But the three-time winner on the Ladies Philippine Golf Tour is thrilled more than wary of the challenges in the Women’s Amateur Asia Pacific Championship, which gets going Thursday.

“I have not played in SICC, so it will be interesting on how we’ll play with the course,” said Malixi.