Q4 2024 Aboitiz Power Corp Earnings Call Transcript
Key Points
- Aboitiz Power Corp (ABZPY) recorded a beneficial EBITDA of PHP73.3 billion for 2024, a 13% increase from 2023.
- The company energized five renewable energy projects and broke ground on two more solar projects in 2024.
- Net debt to equity improved to 0.84 times by the end of December 2024 from 0.92 times at the end of December 2023.
- Aboitiz Power Corp (ABZPY) secured long-term power supply agreements totaling 1.2 gigawatts, increasing contracted baseload portfolio to 90% by the end of 2025.
- The company maintained a strong balance sheet and announced a record high regular cash dividend of PHP2.35 per share for 2025.
- Revenue contribution from the generation segment declined 11% year on year to PHP159 billion due to lower BCQ rates and spot prices.
- Energy sold to bilateral contracts declined 11% year on year due to the expiry of contracts, leading to increased exposure to the spot market.
- The company faced a slowdown in demand from industrial sectors like steel and cement, affecting its distribution business.
- CapEx deployment in 2024 was lower than initially budgeted due to project timing adjustments.
- Spot market prices are expected to trend downward, which could impact margins despite efforts to secure long-term contracts.
Good afternoon. Welcome to the full year 2024 earnings results briefing for Aboitiz Power.
My name is Jackie DeJesus, and I will be your moderator for today's call.
(Operator Instructions)
Lastly, this briefing will be recorded. By joining this session, you consent to your name, voice, image, and comments being recorded for use and dissemination.
Our CFO, Sandro Aboitiz will present the earnings results for Aboitiz Power.
Sandro, you have the floor.
Thank you, Jackie, and good afternoon to everybody.
Thanks for spending the Friday afternoon with us. So we'll get right into it. For 2024, AP recorded a beneficial EBITDA of PHP73.3 billion for the whole year. That was 13% higher than 2023. This translated to a net income of PHP33.9 billion. That was 2% higher than 2023.
When you exclude the impact of GNPD's depreciation and interest, which we started recognizing in 2024, our net income
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