October 28, 2025 | 12:00am
MANILA, Philippines — Manila Electric Co. (Meralco), led by tycoon Manuel V. Pangilinan, reported a 14 percent increase in consolidated core net income to P40 billion in the first nine months of 2025, keeping it on track of its P50-billion profit target for the year.
During a press briefing yesterday, Meralco SVP and chief finance officer Betty Siy-Yap said the company’s income growth reflected the expanding contribution of its power generation business alongside stable distribution revenues.
“Our strong results for the year to date were driven by robust performance of the core generation business and steady performance of the core distribution business,” Siy-Yap said.
She said the distribution utility arm continued to account for the largest share of Meralco’s consolidated core net income, contributing P21.9 billion or 55 percent, up by eight percent from a year ago.
Power generation contributed P14.7 billion, up by 63 percent and now accounting for 37 percent of total earnings.
Meanwhile, the retail electricity and non-power businesses brought in P3.4 billion or eight percent of total.
On the other hand, revenues grew by five percent to P371.8 billion mainly on higher pass-through generation and transmission charges, increased market participation of Meralco PowerGen Corp. (MGen) and higher retail electricity volumes.
MGen’s performance was supported by contributions from its thermal and gas assets as well as the output from newly operational solar power plants in Nueva Ecija and Isabela.
Siy-Yap said the company’s gas ventures, including its investment in Singapore-based PacificLight Power, delivered substantial earnings as part of its expanding generation portfolio.
The company’s capital expenditures reached P78.8 billion as of end-September largely for the development of renewable energy facilities and improvements to the distribution network.
To date, Meralco remains the country’s largest power distributor, serving over eighty million customers across its franchise area.