Meralco posts P28.4-b net profit as sales surpass pre-pandemic levels READ MORE:
P24.6 billion in 2021 on the back of a 6-percent sales volume growth which exceeded pre-pandemic levels.Reported net income is adjusted to exclude the effect of foreign exchange gains or losses, impairment charges, mark-to-market adjustments and other one-time, exceptional transactions.
“I think 2022 was a very good year for Meralco. Record high in revenues and billed volume as well. It was a good accounting for major portion of the national power system and power demand in the country,” Pangilinan said. Pangilinan expressed confidence that 2023 would be “another productive year for Meralco” as the company continued to pursue service improvements and achieve sustainability milestones, which include the scheduled commercial operations of new renewable energy projects.
Espinosa said Meralco faced headwinds such as the significant rise in fuel prices and the depreciation of the peso. Meralco’s consolidated distribution utility energy sales volumes sustained growth, recording an improvement of 6 percent to 48,916 gigawatt-hours, as sales demand continued its upward trajectory as businesses and public confidence recovered from the pandemic.Commercial sales volumes grew by 14 percent to 17,403 GWh from 15,234 GWh the previous year with the increase in mobility and economic activities.
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