MANILA -- Aboitiz Equity Ventures on Monday said its net income was at P18.1 billion in 2024, lower than the P23.5 billion it saw in 2023.

The company said its consolidated core net income reached P25.5 billion--up 15 percent from the P22.1 billion core net income in 2023. But it factored in P7.4 billion of non-recurring items, mostly related to an asset impairment.

Broken down by business units, Aboitiz said its electricity arm Aboitiz Power's net income contribution climbed to P18 billion, 4 percent higher than the P17.3 billion the year before. The firm's beneficial EBITDA jumped 13 percent year-on-year to P73.3 billion because of higher generation portfolio margins and energy sales from the distribution utility business.

Meanwhile, Aboitiz-led Unionbank also contributed P6 billion in net income, 32 percent higher than the P4.5 bn recorded in 2023. The bank's net income reached P12 billion in 2024.

UnionBank net income up by 31 pct in 2024

Net income contribution from Aboitiz food and drinks units--including Pilmico Foods Corporation, Pilmico Animal Nutrition Corporation, and Coca-Cola Europacific Aboitiz Philippines Inc.--was up more than fourfold to P5.9 billion in 2024. 

Aboitiz said its stake in the softdrink bottler boosted its net earnings. Other food units also benefitted from stabilizing food prices.

Coca-Cola bottler changes name to Coca-Cola Europacific Aboitiz PH

But the group's infrastructure arm Aboitiz InfraCapital only contributed P644 million in net income--down 73 percent from 2023 figures.

Aboitiz's share in Republic Cement's loss in 2024 increased to P1.1 billion from P789 million share of losses in 2023 because of continued year-on-year decline in sales volume and selling prices on the back of weak market demand for cement.