MANILA, Philippines — Conglomerate Aboitiz Equity Ventures Inc. (AEV) reported a near doubling of its first-quarter consolidated net income to P6.3 billion, driven by robust contributions from its power and banking units.
The earnings figure represented a 96.9% jump from the P3.2 billion recorded in the same period last year. The latest results included P43 million in nonrecurring items.
In a disclosure, AEV stated that power remained the primary earnings driver, accounting for 56% of total income.
Aboitiz Power Corp. delivered strong results, with core net income climbing 61% to P7.6 billion, while reported net income reached P7.9 billion after accounting for foreign exchange movements and other items. The company posted P20.3 billion in earnings before interest, taxes, depreciation, and amortization, up 35%, supported by higher margins, increased contracted capacity, and new solar plants.
The banking unit also provided a significant boost. Union Bank of the Philippines posted a 167% surge in net income to P3.8 billion, backed by sustained loan growth and lower funding costs. Net revenues rose 12% to P21.7 billion, while net interest income increased 9% to P16.8 billion, resulting in a 7% net interest margin. Consumer lending remained a key driver, accounting for 60% of the loan portfolio, with strong growth in unsecured products and institutional lending.
Other Segments
The food and beverage segment contributed P2.1 billion in net income, up 43%, driven by strong volumes and margins across agribusiness and beverage operations.
Infrastructure posted a turnaround, contributing P30 million in income, helped by higher airport traffic, digital infrastructure expansion, and increased water volumes.
However, the real estate business remained in the red, posting a P48-million net loss due to weaker contribution from economic estates.
As of end-March, AEV’s total assets stood at P1 trillion, while cash holdings rose 16% to P102 billion, reflecting a stable financial position.