Power business boosts Aboitiz Equity's nine-month net income to P18.8B

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ABOITIZ Equity Ventures Inc. (AEV) saw its consolidated net income grow 4 percent to P18.8 billion in the first nine months of 2024 from last year's P18 billion, led by strong earnings contribution from its power segment.

ABOITIZ Equity Ventures Inc. saw its consolidated net income grow 4 percent to P18.8 billion in the first nine months of 2024 from last year's P18 billion, led by strong earnings contribution from its power segment.In a disclosure on Monday, AEV said its power segment accounted for 64 percent of income generated, followed by the financial services and the food and beverage businesses at 19 percent each.Income contribution from real estate rose 2 percent year on year, while a 4.

2 billion to total income, up 4.0 percent from a year earlier.On a standalone basis, UnionBank delivered a net income of P8.6 billion, up 6.2 percent, as revenues rose 9.2 percent to P57.7 billion.The F&B segment — Pilmico Foods Corp., Pilmico Animal Nutrition Corp., Pilmico International Pte. Ltd., and Coca-Cola Beverages Philippines Inc. — contributed P4.

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