Metro Manila (CNN Philippines, March 7) — Aboitiz Equity Ventures Inc. (AEV) reported a 77% growth in its earnings for 2021, according to its latest regulatory filing.
In a disclosure to the local bourse on Monday, the conglomerate stated a net income of ₱7.8 billion from October to December — higher by 9% annually. This brought the full-year tally to ₱27.3 billion, rising from ₱15.4 billion in 2020.
All of AEV’s businesses, except for its agribusiness segment, recorded stronger performances last year.
Aboitiz Power Corp. (AboitizPower), another listed company, logged ₱20.8 billion in earnings during the stretch — a 66% annual increase.
“The AboitizPower recognized non-recurring losses of ₱228 million during 2021, primarily due to the impairment losses of Therma Power Visayas, Inc. and Redondo Peninsula Energy, Inc. partially offset by net foreign exchange gains on the revaluation of dollar denominated liabilities, compared to the non-recurring gains of ₱45 million in 2020,” noted AEV.
Union Bank of the Philippines and its subsidiaries, meanwhile, registered a ₱12.6 billion income last year, up 9% year-on-year.
Loan loss provisions also eased to ₱5.8 billion, lower by 31% from 2020. UnionBank’s non-performing loans likewise dwindled to 5% last year compared to 5.1% from the year prior.
AEV’s real estate arm, composed of Aboitiz Land, Inc. and subsidiaries, logged ₱2.6 billion in earnings. Way up from the ₱338 million in 2020, the conglomerate said this came as AboitizLand saw increased construction activities across most projects and improved sales performance.
Republic Cement & Building Materials Inc. likewise reported a higher income in 2021. From ₱590 million in 2020, its earnings stood at ₱1.6 billion last year.
This is amid stronger market demand from residential and infrastructure segments along with “increased overall efficiency resulting from capital investments” and a one-time gain from the CREATE Law which brought down its deferred tax liabilities, said AEV.
AEV also noted that while its food and nutrition segment saw earnings rise to ₱934 million last year, its agribusiness segment logged a 44% drop in net income — settling at ₱1.3 billion in 2021.
The segment represents the company’s food subsidiaries, namely Pilmico Foods Corporation, Pilmico Animal Nutrition Corp., and Pilmico International Pte. Ltd. Their contributed income to AEV fell by 10% last year, it added.
“At the end of 2021, the Aboitiz Group’s performance trajectory continues to substantially improve, posting steadily rising figures. Our investments in digital transformation and innovation, matched by a strong culture of agility and resilience, have paid off handsomely as we powered through the pandemic with strong performance indicators,” said Aboitiz Group president and CEO Sabin Aboitiz.
“We approach the coming year with balanced optimism as COVID begins to abate, vaccinations increase and our new strategic partnership with Jera kicks into full gear,” added Aboitiz, referring to AboitizPower’s deal with Japan-based JERA Asia Pte. Ltd.
Shares of AEV finished trading at ₱61.80 apiece on Monday, up 0.49%.
