Hedcor’s 68.8-MW Manolo Fortich Hydropower Project in Bukidnon will be the latest addition to Aboitiz Power Corporation’s growing portfolio of renewable energy in the country under the Cleanergy brand. The hydropower generation facility is now on its commissioning stage.
Aboitiz Power Corporation (“AboitizPower” or the “Company”) saw its net income increase by 2% to
P20.4 billion in 2017 versus P20 billion last year.
The Company recognized non-recurring losses of P2.9 billion (versus 2016’s non-recurring loss of P611
million), primarily due to asset impairment costs related to Aseagas Corporation (“Aseagas”) and debt
prepayment costs on GN Power-Mariveles Coal Plant Ltd. Co (“GNPower-Mariveles”)’s loan, partially
offset by a one-off recognition of lower interest expense from an acquired loan.
“Our bottomline was definitely affected with our decision to cease the operations of Aseagas. But
looking at the actual performance of our operations, we have continued to grow in 2017, thanks to
the improved reliability and availability of our plants,” said Antonio R. Moraza, AboitizPower President
and Chief Operating Officer.
Without these one-off adjustments, the company’s core net income grew 13% in 2017, from P20.6
billion to P23.3 billion. The Company’s consolidated earnings before interest, taxes, depreciation, and
amortization (EBITDA) grew from P38.1 billion to P47.7 billion, a 25% year-on-year (YoY) increase,
driven by the contribution of GNPower-Mariveles to the coal group, and higher water inflows in the
The power generation business accounted for 83% of the EBITDA contributions from AboitizPower’s
business segments and recorded a consolidated EBITDA share of P38.8 billion, up 27% YoY.
AboitizPower’s capacity sold during 2017 increased by 41% YoY, from 2,223 MW to 3,124 MW, mainly
driven by the additional capacities from GNPower-Mariveles, higher generation of its hydro units, and
more capacities contracted.
EBITDA for AboitizPower’s power distribution business increased by 14% YoY, rising from P6.8 billion
to P7.8 billion.
The group’s gross margin on a per kilowatt-hour basis increased to P1.73 during 2017 from P1.59 for
2016. The improved margins came from adequate power supply, better supply mix, and recoveries
on purchased power costs.
AboitizPower’s attributable sales in the distribution group for 2017 was at 5,288 gigawatt-hours,
registering a 4% increase from 2016.
Moving forward, AboitizPower sees its portfolio continuing to expand across both renewable and non-
“AboitizPower will continue its Balance strategy — developing a mix complementing technologies that
will allow us to deliver energy reliably, reasonably, and responsibly. Our portfolio has given us
advantages in both fuel mix as well as geographical spread. We will pursue renewable energy (RE) and
it is our intention to actively participate in the RE market,” Moraza noted.
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