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Manila Bulletin devider Business devider The Stock Market devider AEV profit almost flat at P4 B

AEV profit almost flat at P4 B

Published Apr 28, 2023 06:44 am
Aboitiz Equity Ventures Inc. reported a 2 percent improvement in consolidated net income to P4.0 billion for the first quarter of 2023 from the P3.9 billion earned in the same period last year. In a disclosure to the Philippine Stock Exchange, the firm said it recognized non-recurring losses of ₱593 million during the first quarter of the year compared to the P742 millionn in non-recurring gains for the corresponding period in 2022. Non-recurring losses incurred in 2023 is primarily due to foreign exchange losses from the revaluation of US dollar cash and liquid financial instruments. Without these one-off items, AEV’s core net income for the first quarter of 2023 was P4.6 billion, a 44 percent increase year-on-year (YoY). It also registered a consolidated earnings before interest, tax, depreciation and amortization (EBITDA) of P17.9 billion, which was 38 percent higher YoY. Power accounted for 73 percent of the total income contributions from AEV’s Strategic Business Units (SBU) in the first quarter of 2023, while Financial Services accounted for 33 percent. Income contributions from Real Estate, Infrastructure, and Food SBUs were at 2 percent, 1 percent, and -10 percent, respectively. "Our first quarter results are promising as the product of our team’s unwavering dedication and relentless innovation,” said Aboitiz Group President and CEO Sabin M. Aboitiz. He added that, “As we move into the second year of our Great Transformation, we continue to lay a strong foundation for our techglomerate future, fostering a culture of growth and adaptability that will carry us through the rest of the year and beyond. Aboitiz Power Corporation’s income contribution to AEV for the first quarter of 2023 amounted to P3.9 billion, 161 percent higher than the P1.5 billion recorded in the same period in 2022. Union Bank of the Philippines’ income contribution to AEV in the first quarter of 2023 amounted to P1.8 billion, 33 percent higher than the P1.3 billion recorded in the same period in 2022. Aboitiz Land, Inc. and its subsidiaries reported a consolidated net income of P127 million in the first quarter of 2023, 15 percent lower than the P150 million recorded in the same period in 2022. AboitizLand contributed P740 million in revenues for the first quarter of 2023, 7 percent lower than revenue contributions in the first quarter of 2022. This was largely due to construction-related delays, particularly in The Villages at Lipa. Aboitiz InfraCapital’s income contribution to AEV in the first quarter of 2023 amounted to P375 million, 108 percent higher than the P180 million recorded in the same period in 2022. This was mainly driven by the strong performance of Aboitiz InfraCapital’s economic estates business which more than doubled its income contribution YoY due to strong commercial lot sales. Aboitiz InfraCapital’s airport business has yet to contribute to its bottomline. Republic Cement & Building Materials, Inc.’s income contribution to AEV in the first quarter of 2023 amounted to a loss of P296 million, P278 million lower than the P18 million loss recorded in the first quarter of 2022. This was due to lower market demand for cement from elevated inflation, high interest rates and delayed government infrastructure spending and significant increases in energy costs. AEV’s non-listed food subsidiaries’ (consisting of Pilmico Foods Corporation, Pilmico Animal Nutrition Corporation, and Pilmico International Pte. Ltd. - which includes Gold Coin Management Holdings Pte. Ltd.) income contribution to AEV amounted to a loss of P534 million in the first quarter of 2023, P1.0 billion lower than the P502 million recorded in the same period in 2022. This was due to a weaker YoY operating performance from the Food & Nutrition and Agribusiness segments resulting from demand challenges and higher raw material costs. This was worsened by higher interest expense from higher interest rates and loan borrowings.
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