POWER DISTRIBUTOR Manila Electric Co. (Meralco) expects its earnings for 2025 to be higher than the previous year’s P45.1 billion, its chairman said.
“It will be above last year,” 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 year.
Revenues increased by 6% to P470.4 billion, driven by higher distribution utility volumes and increased pass-through transmission charges.
As 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 another 25 years.
“As we move forward, we remain dedicated to enhancing our services and ensuring that our stakeholders receive the best 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 New Energy Corp. (SPNEC) will proceed within the year.
MGreen is a subsidiary of Meralco PowerGen Corp., the power generation arm of Meralco.
“It’s in the works, yes. The timing is obviously quite difficult to forecast. But hopefully within the year, we can rationalize and change the name of SPNEC to MGreen,” he said.
In March, the MGen board approved the engagement of professional advisors to assist 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 Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., holds an interest in BusinessWorld through the Philippine Star Group, which it controls. — Sheldeen Joy Talavera