AEV’s profit rises 22% on strong contribution from business units

ABOITIZ Equity Ventures Inc. said Friday its consolidated net income went up 22 percent to P4.9 billion in the first quarter of 2024 from P4 billion in the same period last year.

“Our financial performance this quarter reflects the hard work and dedication of our team, and we look forward to continued success in the months ahead,” he said. “AboitizPower continued its strong performance in the first quarter of 2024, building on its successful 2023. This momentum reflects the effectiveness of our investments and growth strategies, which further reinforces our dedication to providing reliable, affordable, and sustainable power while driving the nation’s development,” AboitizPower president and chief executive Emmanuel Rubio said.

The higher margin was attributable to the remarkable growth in consumer loans, which grew by 12 percent year-on-year. Aboitiz InfraCapital, Inc.’s income contribution to AEV amounted to P72 million, an 81-percent decline as a result of higher interest expense from increased debt availment for its expansion.

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