The Manila Electric Co. (MERALCO) recorded a core net income of Php 13.1 billion for the first half of 2022, 15% higher than the Php 11.4 billion recorded in the same period of last year.
The increase was attributed to “strong energy sales and earnings from the power generation business,” the company said in a statement.
MERALCO’s consolidated revenues also jumped by 34% to Php199.6 billion from last year’s Php149.1 billion due to higher pass-through generation and other charges amid the high fuel prices in the global market.
The distribution company’s reported net income also grew by 32% to Php13.1 billion from last year’s Php9.9 billion following the adjustments made with the passing of Republic Act 11534 or the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act, and the recognition of foreign exchange gains in the first half of 2022.
MERALCO’s monthly sales volume has breached the 4,000 gigawatt-hour (GWh) as early as April this year, with an all-time high volume recorded at 4,464 GWh in June.
The company consolidated distribution utility energy sales volumes for the first half of the year slightly increased by six percent to 23,968GWh as the economy reopened, increasing mobility in MERALCO’s franchise area in time for the summer season, and the National and Local elections back in May.
Residential and commercial segments both accounted for 35% of MERALCO’s sales mix, while the industrial segment contributed 30%.
MERALCO’s average retail rate went up by 18% in the first half to Php9.33 per kilowatt-hour (kWh) from the Php7.92 per kWh from the same period last year, amid higher generation charges because of higher fuel costs, peso depreciation, and higher spot market prices.