February 28, 2022 | 5:06 p.m.
MANILA, Philippines — Pangilinan-led distribution utility Manila Electric Co. (Meralco) said on Monday its consolidated core net income rose 13% to 24.6 billion pesos year-on-year. another thanks to strong energy sales volumes and contributions from the company’s power generation business in 2021.
The company said its sales volume increased by 6%, with residential households accounting for the highest share of electricity consumption last year.
Residential represented 37% of Meralco’s sales mix in 2021, followed by commercial establishments which represented 33%, and finally, industrial at 30%.
“Continued work-from-home and remote-learning setups amid granular lockdowns pushed residential sales volume up 3% to 16,913 GWh (gigawatt hours) from 16,488 GWh year-over-year. another, despite the slowdown in the second half of 2021,” Meralco said in a regulatory filing to the Philippine Stock Exchange.
Commercial sales increased 3% to 15,234 GWh in 2021, compared to their year-over-year figure, as several establishments stepped up their vaccination activities and more activities opened with the easing of restrictions.
Meanwhile, industrial sales nearly reached pre-pandemic levels after posting the biggest increase of 13% to 13,782 GWh which Meralco said was driven by the “strong performance” of the semiconductor industry. during this period.
In 2021, Meralco also spent a total of 27.5 billion pesos in capital expenditure (capex) to strengthen its distribution network, meet consumer demands and help its subsidiaries grow.
For the year 2021, the listed power company reported consolidated revenue of P318.5 billion, up 16% from its year-on-year level due to the rise electricity revenue.
In 2020, Meralco recorded a basic net profit of 21.71 billion pesos, lower than its pre-pandemic level after reporting a drop in electricity sales caused by reduced electricity purchases.
Meralco is the nation’s largest private sector distribution utility supplying electricity to 36 cities and 75 municipalities.