MANILA Electric Co. (Meralco) said on Monday its consolidated core net income in 2017 rose 3 percent from the previous year bolstered by the surge in energy sales, higher financing income and the adjustment of provisions after solving legacy fiscal matters.
The country’s biggest power distribution utility reported an audited consolidated core net income of P20.2 billion in 2017 compared to P19.6 billion in 2016.
Consolidated reported net income rose 6 percent to P20.4 billion from P19.2 billion in 2016.
Gross revenues reached P282.6 billion, up 10 percent from the preceding year, due to higher volume and pass-through generation charges resulting from higher fuel prices and the depreciation of the peso.
Consolidated distribution revenues for the previous year grew 5 percent to P59.6 billion, reflecting the effect of higher volumes sold.
Consolidated electricity revenues, which comprised 97 percent of gross revenues, hit P275.2 billion, up by 10 percent from P249.2 billion in 2016.
Meanwhile, consolidated core earnings before interest, tax, depreciation and amortization (EBITDA) amounted to 34.6 billion, up by 2 percent from 2016, and equivalent to a core EBITDA margin of 12 percent on consolidated revenues, one percentage point lower than in 2016.
The total customer base grew to 6.33 million last year, 4.8 percent higher than in 2016, the most in terms of count since 2000.
“Electricity growth continues to be a barometer of the economy’s expansion. In 2017, consumption on the demand side, and services on the supply side, remained to be the mainstay of the economy, contributing to the 6.7% GDP (gross domestic product) growth,” Meralco Chairman Manuel Pangilinan said.
Consolidated sales volume of electricity distributed broke the 3,000 gigawatt hour (GWh) level every month, Meralco said. Consolidated energy sales volume was 42,102 GWh, up 5 percent from 2016.
Cash flows from operations for 2017 touched P28.4 billion, while free cash flows reached P19.2 billion.
Meralco Senior Vice-President and Chief Financial Officer Betty Siy-Yap announced at a press briefing that the company’s board of directors approved a final cash dividend of P8.065 per share to all shareholders of record as at March 28, payable on April 25.