Maharlika posts P2.68-B profit in 2024

Maharlika Investment Corp. (MIC), has reported a profitable full year of operation in its first year, booking a net income of P2.68 billion in 2024.

- By MARCO LUIS BEECH

In a statement, the country's sovereign wealth fund said it generated P2.77 billion in revenues last year, while expenses only reached P93 million.

MIC reported total assets of P127.2 billion against just P668 million in liabilities, giving it a strong equity base of P126.6 billion. The government's P50-billion capital subscription remains payable, which officials said would further boost the fund's financial strength once received.

"With strong liquidity and growing retained earnings, the sovereign wealth fund is well-positioned to expand investments that can support economic growth and long-term nation-building," MIC said.

The fund ended 2024 with P76.8 billion in cash and equivalents, slightly higher than the P75 billion in seed capital provided by Land Bank of the Philippines and Development Bank of the Philippines.