Victor Genuino is the first vice president of the Manila Electric Company (Meralco). He gave his insights regarding the latest financial report of the firm.
Genuino credited the surge in the profits of Meralco to the presence of Business Process Outsourcing (BPO) companies.
He also lauded the influx of Philippine Offshore Gaming Operators (POGOs).
Genuino relayed that, outside Metro Manila, both BPO firms and POGOs steadily contributed to the expansion of the customer base of Meralco.
Meralco’s head of customer retail services and corporate communications affirmed that these companies boosted the electricity service provider’s sales.
Philippine daily newspaper The Philippine Star reported that, in 2019, the core profit of Meralco rose to a record P23.8 billion.
These numbers show a six-percent growth. Betty Siy-Yap serves as Meralco’s chief finance officer.
She mentioned that, for 2020, the firm’s net income is P23.02 billion, posting a one-percent surge.
Siy-Yap cited that, meanwhile, the company’s core net income skyrocketed to P22.41 billion, marking a six-percent increment.
P304.45 billion is the posted gross revenues of Meralco. This amount indicates a five-percent rise.
Furthermore, 97 percent of this amount originated from electric revenues that also ballooned five percent.
Siy-Yap pointed out that the growth in revenue is due to higher energy sales volume. She also referred to the higher pass-through generation charges for this trend.
The Meralco official pointed to higher spot prices at the Wholesale Electricity Spot Market (WESM) from March to July last year as additional contributions to the factors.
Siy-Yap also mentioned higher average fuel costs and a weak peso that facilitated revenue upswing for the company.
Residential volume finished the strongest in terms of energy sales. This segment ended with an eight-percent increase.
It helped in Meralco’s energy sales growth that rose to 46,871 gigawatt-hours. These figures indicate a 5.8-percent rise.
Several provinces helped in the growth in residential energy volume. They are Pampanga, Batangas, Bulacan, Quezon, and Cavite.
Also, 2019 ended with Meralco adding 268,000 new customer accounts, and posting a four-percent surge.
Last year, the firm registered its customer number totaling 6.88 million.
Ray Espinosa is the president of Meralco. He anticipates the property and residential sectors to carry on propelling income and sales for the firm.
He confirmed that, despite the coronavirus problem, the first two months of 2020 had so far posted increases in sales.
Espinosa pointed out that the epidemic did not affect Meralco at all. He cited that the coronavirus scare made people stay home most of the time.
This event facilitated the surge in electricity consumption, he said.
On Monday, February 24, 2020, Manila Electric Company (PSE: MER) closed at P262.00 per share.
This last trade price of the company’s stock is down by 8.00 or 2.96 percent. Moreover, the total value reached P96,392,744.00.
The 52-week high of Meralco is at P391.00. Meanwhile, its 52-week low is at P256.00.
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