MPIC earnings rise as economy reopens

Metro Pacific Investments Corporation (MPIC) reported a 20 percent improvement in consolidated core net income to P12.3 billion last year from P10.2 billion in 2020.

In a press briefing, MPIC Chief Finance Officer June Cheryl Cabal-Revillas said “This substantial improvement from the 13 percent growth in the first half of the year was largely driven by improved traffic on its toll roads and higher volume of electricity sold by Manila Electric Company (Meralco).”

She added that, with this performance, the firm expects to grow its core profits by single digits to low double-digits this year.

Core net income for the fourth quarter rose 14 percent to P2.8 billion compared with the same period in 2020.

Cabal-Revilla said “This acceleration of growth reflected an improvement in performance notwithstanding the continued imposition of varying levels of quarantine across the country to contain the COVID- 19 pandemic and was partially augmented by the impact of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Law, which lowered corporate income tax rates from 30 percent to 25 percent.”

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Consolidated reported attributable net income more than doubled to P10.1 billion following the gain recognized from the sale of Global Business Power (GBP) and Don Muang Tollways (DMT).

For 2021, contributions from operations rose 11 percent to P17.1 billion with Power contributing P11.2 billion or 65 percent of the total, Toll roads with P3.9 billion or 23 percent, and Water with P2.8 billion or 16 percent. Other businesses, mainly Light Rail and Logistics, generated an overall loss of P1.0 billion
owing to the capacity limitation on LRT-1 trains and the discontinuance of warehousing operations, respectively.

These losses were partially offset by the Hospital Group’s contribution of P298.0 million.

“Based on our full-year performance, it is clear that we are now reaping the value created from years of strategic investments in upgrading our infrastructure, operational systems, and overall ability to provide quality services,” said MPIC Chairman and President Manuel V. Pangilinan.

He noted that, “We strived to provide uninterrupted service as this is at the heart of our mission to uplift our quality of life. With humility, we recognize the contribution of this consistent service delivery to the country’s gradual economic recovery.” “Our power and road networks and our healthcare group have enabled the widespread distribution of COVID-19 vaccines. Water is a critical resource in combating the pandemic and sustaining the population and socio-economic development,” Pangilinan added.

He pointed out that, “Numerous industries have reopened, especially during the last quarter of the year, which directly resulted in better outcomes for MPIC.”

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The article was originally published in Manila Bulletin and written by James A. Loyola.

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