Meralco earnings at all-time high

Tycoon Manuel V. Pangilinan's Manila Electric Co. (Meralco) surpassed its targets last year, achieving historic all-time high earnings driven by the robust growth across its portfolio.

- By BRIX LELIS

At a press conference yesterday, Meralco officials reported that consolidated core net income sizzled by 22 percent to P45.14 billion in 2024 from P37.11 billion previously.

This was higher than the P43 billion profit guidance set by the company in the first half.

The income growth was propelled by the steady contribution of the distribution utility (DU), strong performance of power generation and notable improvement of the retail electricity supply (RES) business.

The DU segment accounted for the largest share of earnings at 62 percent, followed by power generation (24 percent) as well as RES and non-electricity businesses (14 percent).