Aboitiz Equity Ventures assets stand at P576-B as it marks 25th year with PSE
CEBU CITY, Philippines — The Aboitiz Equity Ventures (AEV) total assets grew 66 times since it joined the Philippine Stock Exchange (PSE) in 1994.
AEV marked its 25th year with the PSE Friday, November 22, during a ceremony held at the PSE Tower in Bonifacio Global City. It received a commemorative plaque from the PSE and rang the opening bell, signalling the start of market trades for the day, according to a company’s emailed statement.
AEV had listed with the PSE on November 16, 1994, following its initial public offering that raised $184 million.
Since then, the company had achieved growth through its various business units.
As of the 3rd quarter of 2019, AEV’s total assets have reached about P576 billion.
As of the last 12 months ending the 3rd quarter this year, the company’s consolidated earnings before interest, taxes, depreciation and amortization grew 90 times to P60 billion.
During the same period, AEV’s consolidated net income grew 42 times to about P21 billion.
Erramon Aboitiz, AEV president and chief executive officer, noted that the company’s efforts were not just focused on the revenues.
“As businessmen, there is no doubt we seek profits and a return on our capital,” Aboitiz said. “But as Filipinos, we are equally guided by a sense of purpose to find meaningful ways if contributing to our communities across the country.”
He noted that the company’s symbiotic relationship of profit and contributing to society allows the Aboitiz group “to drive change for a better world of advancing business and communities.”
From being an emerging player, AboitizPower has built a robust and diversified portfolio of generating assets with national reach, while from traditional retail, UnionBank is now transforming itself into a digital bank.
From its beginnings in flour, Pilmico has grown to become an integrated food company in 11 countries.
Meanwhile, from its initial projects in Cebu, AboitizLand is now an emerging real estate player nationally, the company statement disclosed.
On the other hand, the Aboitiz Group is now firmly in the infrastructure sector through Aboitiz InfraCapital and Republic Cement./elb
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