MPIC starts year with higher profit

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May 9, 2025 | 12:00am

MANILA, Philippines — Metro Pacific Investment Corp. (MPIC) kicked off 2024 with a double-digit growth in core earnings during the first quarter.

MPIC recorded a 17-percent increase in core net income to P6.6 billion in the first quarter from P5.6 billion in the same period in 2024.

Improved financial and operational performance across the group’s portfolio led to a 16-percent rise in contribution from operations to P7.9 billion, driven primarily by the strong growth in power generation at Meralco, higher tariffs at Maynilad and growing patient volumes at Metro Pacific Hospitals.

Reported net income surged by 48 percent to P9.1 billion from P6.1 billion as a result of a gain from the sale of MPIC’s oil storage company, Philippine Coastal Storage and Pipeline Corp.

“We are pleased with our strong start to 2025, marked by solid performance across our core businesses and improved earnings momentum. These results reflect the steady execution of our strategy and the strength of our foothold in power, water, toll roads and health care,” MPIC chairman, president, and CEO Manuel V. Pangilinan said.

Power contributed the largest share among the company’s core businesses at P4.9 billion, accounting for 62 percent of net operating income.

Water and toll roads contributed P1.9 billion and P1.4 billion, respectively, representing 42 percent of net operating Income.

Meralco’s revenues rose by 10 percent to P114.5 billion, primarily driven by a two-percent improvement in energy sales.

Revenues of Maynilad also grew by six percent to P8.6 billion, reflecting the impact of an eight percent tariff increase implemented last January.

The toll business saw faster revenue expansion at 16 percent to P8.7 billion due to a combination of toll rate increases in all markets and traffic growth in the Philippines.

Looking ahead, Pangilinan said that MPIC would remain focused on sustaining its growth trajectory in the first quarter.

He said the group is accelerating investments in power generation and expanding its presence in agribusiness, both seen critical to supporting national development and ensuring long-term value creation.

“As we deepen our role in building essential infrastructure, we reaffirm our commitment to helping drive inclusive and sustainable progress for the Philippine economy,” Pangilinan said.

MPIC has set aside a capital spending budget of about P116 billion this year, higher than  last year’s P101 billion, as the group looks to sustain its growth momentum after setting a fresh record high core profit in 2024.