POWER DISTRIBUTOR Manila Electric Co. (Meralco) expects its earnings for 2025 to be higher than the previous 12 months’s P45.1 billion, its chairman said.
“It’s going to be above last 12 months,” Meralco Chairman and Chief Executive Officer Manuel V. Pangilinan told reporters on July 11.
For 2024, Meralco’s core net income rose by 22% to P45.1 billion, surpassing its profit guidance of P43 billion for the 12 months.
Revenues increased by 6% to P470.4 billion, driven by higher distribution utility volumes and increased pass-through transmission charges.
Because the country’s largest private distribution company, Meralco serves over eight million customers in Metro Manila and nearby areas.
President Ferdinand R. Marcos, Jr. signed into law on April 11 the measure extending Meralco’s franchise for one more 25 years.
“As we move forward, we remain dedicated to enhancing our services and ensuring that our stakeholders receive the perfect value from partnering with us for development,” Mr. Pangilinan said.
Meanwhile, Mr. Pangilinan expressed hope that the listing of MGen Renewable Energy, Inc. (MGreen) through a backdoor listing via SP Recent Energy Corp. (SPNEC) will proceed throughout the 12 months.
MGreen is a subsidiary of Meralco PowerGen Corp., the ability generation arm of Meralco.
“It’s within the works, yes. The timing is clearly quite difficult to forecast. But hopefully throughout the 12 months, we will rationalize and alter the name of SPNEC to MGreen,” he said.
In March, the MGen board approved the engagement of skilled advisors to help in assessing the feasibility and structure of the proposed transaction.
After engaging with advisors, Mr. Pangilinan said that MGen will evaluate the valuation of the assets it plans to inject into SPNEC, which is already listed on the Philippine Stock Exchange.
Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT, Inc. Hastings Holdings, Inc., a unit of PLDT Useful Trust Fund subsidiary MediaQuest Holdings, Inc., holds an interest in BusinessWorld through the Philippine Star Group, which it controls. — Sheldeen Joy Talavera