METRO PACIFIC Investments Corp. (MPIC) reported a 48% increase in its first-quarter (Q1) net income to P9.1 billion from P6.1 billion a year earlier, driven by a gain from the divestment of its oil storage business.
“Reported net income surged 48% to P9.1 billion from P6.1 billion, driven by a gain from the sale of MPIC’s oil storage company, Philippine Coastal Storage and Pipeline Corp. (PCSPC),” MPIC said in an e-mail statement on Wednesday.
In October last year, MPIC sold its 50% stake in PCSPC to an affiliate of global infrastructure investor I Squared Capital in a $296-million deal.
Operating revenue climbed to P19.29 billion, while consolidated core net income rose by 17% to P6.6 billion. Better performance across MPIC’s portfolio led to a 16% increase in contribution from operations to P7.9 billion.
The power business contributed the largest share of net operating income at P4.9 billion or 62%. The water and toll road segments contributed P1.9 billion and P1.4 billion, respectively, representing 42% of net operating income.
“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 healthcare,” MPIC Chairman, President, and Chief Executive Officer Manuel V. Pangilinan said.
The power business, led by Manila Electric Co., posted a 9% growth in reported net income to P10.4 billion, as total revenue increased by 10% to P114.5 billion on higher energy sales.
Water provider Maynilad Water Services, Inc. grew its core net income by 17% to P3.6 billion on lower operating expenses. Revenue climbed by 6% to P8.6 billion due to an 8% tariff increase implemented in early January.
Toll road operator Metro Pacific Tollways Corp. saw a 15% decline in reported net income to P1.5 billion, as the prior-year figure benefited from the reversal of contingent considerations related to the Jakarta-Cikampek Elevated toll road acquisition.
Toll revenue increased by 16% to P8.7 billion on rate adjustments and domestic traffic growth.
“Looking ahead, we remain focused on sustaining this growth trajectory. We are accelerating investments in power generation and expanding our presence in agribusiness — both critical to supporting national development and ensuring long-term value creation,” Mr. Pangilinan said.
MPIC is one of the three key Philippine units of Hong Kong-based First Pacific Co. Ltd., alongside Philex Mining Corp. and PLDT Inc.
Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., holds a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Revin Mikhael D. Ochave
