In This Article:
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CCNI (Core Consolidated Net Income) for Q3 2024: PHP11.9 billion, 10% increase from last year's PHP10.8 billion.
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CCNI for Nine Months Ended September 30, 2024: PHP35.1 billion, 17% higher year-on-year.
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Reported Net Income for Nine Months: PHP33.8 billion, 19% increase from PHP28.4 billion.
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Core EBITDA for Nine Months: PHP59 billion, 16% increase from PHP50.8 billion.
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Consolidated Revenues for Nine Months: PHP355.4 billion, 6% increase from PHP335.2 billion in 2023.
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Costs and Expenses: PHP319 billion, 4% increase, with purchased power costs accounting for 82%.
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Capital Expenditures: PHP26 billion, primarily for distribution network improvements and solar plant development.
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Cash and Cash Equivalents: PHP65.5 billion.
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Consolidated Debt: PHP89.1 billion.
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Energy Sales Growth: 7.1% increase to 40,872 gigawatt hours.
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Customer Count: 7.986 million as of September 2024, nearing 8 million milestone.
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Average Electricity Retail Rate: PHP10.44 per kilowatt hour, 0.6% decrease from last year.
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Core EPS: PHP31.137 per share, up 17%.
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Reported EPS: PHP29.948 per share, 19% increase from last year.
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S&P Credit Rating: Upgraded to BBB with a stable outlook.
Release Date: October 28, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Manila Electric Co (PHS:MER) reported the highest third-quarter results with a 4% increase in sales volume and a 17% year-on-year increase in CCNI, reaching PHP35.1 billion.
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The company's distribution utility business saw a 7% increase in volume, with residential and commercial volumes increasing by 10% and 8%, respectively.
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S&P upgraded Manila Electric Co's long-term credit rating to BBB, citing strong financial performance and stable cash flows.
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The company completed significant capital expenditure projects, including the installation of a new power transformer and the commissioning of new substations, enhancing service reliability.
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Manila Electric Co maintained its inclusion in the FTSE4Good Index for the fourth consecutive year, reflecting strong ESG performance.
Negative Points
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The system loss increased to 6.04%, driven by a higher share of high-loss residential customers, although it remains below the regulatory cap.
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Costs and expenses rose by 4% to PHP319 billion, with purchased power costs accounting for 82% of total expenses.
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The company's unregulated business contribution remained flat compared to the previous year, indicating limited growth in this segment.
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PacificLight's contribution decreased due to lower energy delivery and planned outages, impacting overall power generation results.
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The telco tower business is expected to take about four years to deliver positive numbers, indicating a long-term horizon for profitability.