MANILA, Philippines – Metro Pacific Investments Corporation (MPIC) reported a 15% jump in consolidated core net income to P14.2 billion in 2022, driven mainly by the recovery in toll road traffic and growth in power consumption.

Power accounted for P12.4 billion or 65% of net operating income, while its toll roads business contributed 30% or P5.7 billion. Water contributed 14% or P2.7 billion, while MPIC’s other businesses incurred a loss of P1.8 billion.

Here’s a summary of the performance of some MPIC companies:

Manila Electric Company

• Revenues rose 34% to P426.5 billion, while core net income grew 21% to P28.4 billion – the highest ever level.

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Metro Pacific Tollways Corporation

• Toll revenues grew 31% to an all-time high of P22.9 billion, while core net income increased 46% to P5.7 billion.

Maynilad Water Services

• Revenues rose 4% to P22.9 billion, but core net income declined 7% to P6 billion due to higher operating costs.

Light Rail Manila Corporation 

• Revenues jumped by 58% to P1.8 billion, but the company registered a core net loss of P472 million due to the start of amortization of concession assets and borrowing costs.

Metro Pacific Health

• Revenues slightly went down 1% to P20 billion due to a drop in COVID-19 cases, while core net income fell 24% to P1.1 billion due to investments made and higher depreciation expense from completed hospital projects.

In 2022, MPIC started to expand into agriculture, acquiring a 51% interest in Carmen’s Best Group.

In 2023, through Metro Pacific Agro Ventures, it launched a project to build a 22-hectare vegetable greenhouse facility in San Rafael, Bulacan, and acquired 34.8% of coconut products maker Axelum Resources Corporation. 

“It has been a transformative year for MPIC. With the same commitment that we have poured into the country’s underinvested utilities sector, we have now bravely pushed ahead with our plans to invest in Philippine agriculture, a critical area of focus with profound ties to poverty reduction and food security,” said MPIC chairman, president, and chief executive officer Manny Pangilinan. – Rappler.com