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February 25, 2025 | 12:00am
Manila Water said its “exceptional” performance was driven by robust top line growth in the East Zone concession and a substantial positive contribution from its non-East Zone businesses.
Manila Water Photo
MANILA, Philippines — Razon-led Manila Water Co. Inc. posted a net income of P10.5 billion last year, surging by 88 percent on an annual basis from P5.59 billion the prior year on the back of higher revenues.
Manila Water said its “exceptional” performance was driven by robust top line growth in the East Zone concession and a substantial positive contribution from its non-East Zone businesses.
The water utility firm reported a 19 percent hike in its revenues to P36.65 billion from P30.71 billion in 2023.
Manila Water’s revenues from the East Zone concession alone rose by a fifth year-on-year to P28.8 billion, driven by the implementation of the second tranche of the rate rebasing tariff adjustment last year. It was also supported by steady consumption growth across all customer segments.
“Complementing these revenue gains was the company’s ongoing cost management and operational efficiency initiatives which played a crucial role in enhancing profitability,” the company said yesterday.
The company’s earnings from its non-East Zone businesses tripled year-on-year to P2.3 billion from P750 million.
“This impressive performance was fueled by an eight percent increase in billed volume, tariff adjustments and stronger contributions from key business units, pushing revenue past P9 billion,” Manila Water said.
The company posted record-high earnings before interest, taxes, depreciation and amortization last year of P25.86 billion, about 26 percent higher than the P20.51 billion recorded in 2023.
“The solid foundation laid in recent years allowed us to achieve remarkable results in 2024. I am particularly buoyed by the solid growth of our non-East Zone businesses, which more than tripled earnings to surpass the P2.0 billion mark,” Manila Water president and CEO Jocot de Dios said.
Manila Water’s cost of sales and operating expenses rose by nine percent year-on-year to P11.79 billion.
The company’s total attributable billed volume last year reached 1.29 billion cubic meters, relatively flat compared to the 1.28 billion cubic meters in 2023.
Meanwhile, its total billed connections rose by four percent year-on-year to 1.37 million connections.
