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ABOITIZ Equity Ventures, Inc. (AEV) posted a combined net income of P7.6 billion on Wednesday, up 276 percent year on year, in what it called “solid proof” of continuing to operate during the pandemic.

“At the advent of the pandemic, our early efforts on creativity and digitalization pushed the organization’s corporate sustainability, and we are poised and determined to see our companies forward with the same development paths and trajectory,” AEV President and Chief Executive Officer Sabin M. Aboitiz said in a disclosure to the exchange.

Without one-time damages, the company’s core net profits would have been P7.8 billion. AEV recorded nonrecurring losses of P219 million, a decrease of 16% from the P262 million suffered in the first three months of 2020.

Consolidated EBITDA (earnings before interest, tax, depreciation, and amortization) for the period totaled P18 billion, up 53 percent from P11.8 billion.

Mr. Aboitiz said, “The first quarter of 2021 is strong evidence that the Aboitiz Group is still making headway in its recovery and development plans for the year.”

Aboitiz Power Corp. accounted for 58 percent of the company’s gross revenue earnings from strategic sector divisions. AEV’s power division accounted for P4.8 billion, more than double its P1.6 billion share in the previous year’s first portion.

Meanwhile, AboitizPower’s combined net income rose by 197 percent for the quarter to P6.2 billion from P2.1 billion due to higher water inflows, better thermal facility supply, and increased spot sales.

“Our first-quarter performance have been very promising. In a separate regulatory filing on Wednesday, AboitizPower President and Chief Executive Officer Emmanuel V. Rubio said, “We plan to maintain this growth momentum by constantly working towards our availability and reliability goals.”

AboitizPower accounted for nonrecurring losses totaling P29 million over the three-month cycle, almost 7% more than the P27 million sustained in 2020.

“AboitizPower was also able to seek liquidated damages for the pause in the building of GNPower Dinginin Ltd. Co. and won the final payout for market disruption charges arising from GNPower Mariveles Energy Center Ltd. Co. outages in 2020,” according to AEV’s power segment.

AboitizPower’s generation and retail electricity supply sector increased its EBITDA to P11.9 billion throughout the year, up from P7.4 billion the previous year.

Capacity sold totaled 3,558 megawatts (MW), 3% more than the 3,445 MW produced in 2020. Energy sales increased by 8% to 6,130 gigatonne-hours (GWh), up from 6,130 GWh previously.

Meanwhile, AboitizPower’s delivery division finished the first quarter with a 2% decrease in EBITDA to P2.07 billion from P2.12 billion.

Owing to reduced electricity demand by business and industrial users, energy purchases slowed to 1,308 GWh, 8% lower than the 1,429 GWh delivered in the first three months of 2020.

UnionBank of the Philippines, AEV’s banking subsidiary, contributed P2.4 billion, or 29 percent of the company segments’ revenue. This is a 79 percent increase over the previous year’s P1.3 billion.

The bank and its subsidiaries earned P4.7 billion in net profits in the first three months of the year, up 79 percent from P2.6 billion the previous year.

UnionBank’s total sales increased to P14.3 billion, while net interest income increased to P7.2 billion due to an increase in CASA (current account savings accounts) deposits.

Pilmico Foods Corp., Pilmico Animal Nutrition Corp., and Pilmico International Pte. Ltd., AEV’s non-listed food divisions, contributed P630 million or 8% of the company’s profits, a 262 percent increase from P174 million in the same timeframe in 2020.

Its farms company earned P153 million in net income, the feeds division earned P355 million, and the flour sector earned P188 million in net income.

Republic Cement & Building Materials, Inc., the company’s infrastructure division, contributed P344 million or 4% in the first quarter, nearly five times its P61-million share year on year attributable to higher sales volume while costs were reduced.

Meanwhile, AboitizLand, Inc.’s real estate subsidiary accounted for P701 million of the revenue share attributable to increased revenues.

The real estate subsidiary received P101 million in combined net profits in the first year, compared to a loss of P110 million in the same timeframe the previous year.

During an online convocation last week, the Aboitiz community also admitted 84 new students to its Master in Data Science program at the Asian Institute of Management’s Aboitiz School of Innovation, Technology, and Entrepreneurship (ASITE). ASITE was established thanks to a $10 million grant from the group.

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