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Richmond Mercurio - The Philippine Star
February 20, 2025 | 12:00am
MPIC chairman Manuel V. Pangilinan said the company, delisted from the stock market in late 2023, delivered a double-digit profit growth in 2024.
STAR / File
In first year as private company
MANILA, Philippines — Conglomerate Metro Pacific Investments Corp. (MPIC) capped off its first full year back as a private company with a significant win.
MPIC chairman Manuel V. Pangilinan said the company, delisted from the stock market in late 2023, delivered a double-digit profit growth in 2024.
“I don’t know about revenues yet, but certainly (double-digit growth) for net income,” Pangilinan said.
“The numbers are looking good, driven by all of the subsidiaries. An outstanding example is Meralco. Meralco’s number would be quite good for 2024,” he said.
MPIC was previously looking to surpass its 2024 core income target after its nine-month core earnings soared to a record high.
From January to September 2024, MPIC reported a consolidated core net income of P20.8 billion, up 28 percent from the P16.2 billion in the same period the previous year.
Improved financial and operating results from MPIC’s holdings delivered a 21-percent hike in contribution from operations to P24.3 billion.
MPIC’s reported net income for the nine months rose faster at 44 percent year-on-year to P23.1 billion due to additional non-recurring gains from its real estate business.
MPIC is an infrastructure holding company with a diverse set of assets held through its operating companies.
It has investments in power, water, toll roads, light rail, health care and agribusiness.
MPIC voluntarily delisted from the Philippine Stock Exchange and successfully re-privatized in late 2023. Hong Kong-based investment holding company First Pacific and other investors delisted MPIC at a valuation of $2.96 billion.
