METRO PACIFIC INVESTMENTS Corp. (MPIC) sees double-digit profit growth for 2024, driven by its power business and other subsidiaries.
“The numbers are looking good, driven by all of the subsidiaries. The outstanding example would be Manila Electric Co. (Meralco). Meralco’s numbers would be quite good for 2024,” MPIC Chairman, President, and Chief Executive Officer Manuel V. Pangilinan told reporters recently.
Mr. Pangilinan said MPIC’s net income for 2024 may have increased by double digits.
2024 marks MPIC’s first full year as a private company after voluntarily delisting from the Philippine Stock Exchange in October 2023.
For 2023, MPIC posted an 89.7% increase in attributable net income to P19.92 billion, up from P10.5 billion in 2022, driven by growth in its power, toll roads, and water businesses.
Operating revenue rose 20.5% to P61.33 billion.
MPIC has a presence in the toll roads sector through Metro Pacific Tollways Corp. and in the water sector via Maynilad Water Services, Inc. and Metro Pacific Water.
The conglomerate also has investments in healthcare, light rail, fuel storage, real estate, waste management, and agribusiness.
MPIC is one of the three key Philippine units of Hong Kong-based First Pacific Co. Ltd., alongside Philex Mining Corp. and PLDT Inc.
Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., holds a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Revin Mikhael D. Ochave
