Conglomerate Aboitiz Equity Ventures Inc. (AEV) recorded a 9 percent year-on-year increase in its nine-month net income to P17.3 billion due to gains from its power, food, and property businesses.
“We welcome the gains posted by our strategic business units for the first nine months of the year. This reflects the strength of a focused growth strategy that endeavors to do well by doing good in advancing business and communities,” AEV president and chief executive officer Erramon Aboitiz said in a statement on Wednesday.
AEV’s power business, AboitizPower, accounted for 72 percent of total income contributions from AEV’s business units.
Aboitiz Power grew its income contribution to AEV by six percent year-on-year to P12.8 billion, as its net income for the period increased by five percent to P18.4 billion.
AEV’s non-listed food subsidiaries – Pilmico Foods Corp., Pilmico Animal Nutrition Corp., and Pilmico International Pte Ltd. – reported a net income of P1.5 billion, 26 percent higher than last year.
Gains from Pilmico’s Flour and Farms divisions contributed to the increase, as well as from Pilmico International, which recently acquired Singaporean agribusiness company Gold Coin.
From the infrastructure group, Republic Cement’s income contribution to AEV declined by 12 percent year-on-year to P221 million. Despite the slight improvement in prices due to government infrastructure and private sector demand, this was offset by significant increases in fuel and power costs.
Property arm AboitizLand reported a net income of P403 million, marking an increase of 19 percent year-on-year. The increase was attributed to the increase in contributions from industrial, residential and commercial business units, while maintaining operating expenses similar to 2017.
“We remain on the lookout for opportunities that not only help accelerate the country’s economic growth but more importantly, become catalysts of positive change through our products and services,” Aboitiz said.
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