Maynilad Water Services Inc. is set to cap off a banner year with its earnings seen soaring to an all-time high, its top official said.
After a 53.4-percent increase in net income last year, Maynilad CEO and president Ramoncito Fernandez said the group was “poised to achieve record highs in terms of revenue and core income.”
Article continues after this advertisementFor the first nine months of 2024, the group’s core profit climbed by 37 percent to P9.3 billion. Its top line likewise improved by 23 percent to P24.9 billion.
FEATURED STORIES BUSINESS BIZ BUZZ: Surprise! MVP revives Smart Money BUSINESS SEC extends ECIP applications until end of 2024 BUSINESS Pogo phaseout in full swing; only 17 remain“We will generate billions of core income—historically, higher than the P9 billion that we made last year,” he told Inquirer in an interview on Wednesday.
READ: Maynilad, SEA’s largest water concessionaire, continues forward march to sustainable growth
Article continues after this advertisementDriving this growth momentum is the sustained high demand from consumers, coupled with tariff increases and streamlined operations, Fernandez said.
Article continues after this advertisementMaynilad is the water and wastewater services provider for the West Zone, covering 17 cities and municipalities in Metro Manila and Cavite.
Fernandez said the earnings would beef up Maynilad’s financial muscle as it embarks on an aggressive network infrastructure buildup.
“We’re pouring it back to the company because … we have committed P160 billion of investments just in this business plan,” the executive said, noting the figure covers 2023 to 2027 operations.
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