Manila Electric Company (PSE:MER)

Manila Electric Company Income Statement

Financials in millions PHP. Fiscal year is January - December.

Fiscal Year	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Revenue	470,362	443,612	426,529	318,547	275,304
Revenue Growth (YoY)	6.03%	4.01%	33.90%	15.71%	-13.51%
Fuel & Purchased Power	358,239	344,381	345,222	233,708	204,420
Operations & Maintenance	2,225	1,881	1,906	1,103	-
Selling, General & Admin	418	337	278	200	222
Depreciation & Amortization	17,529	16,625	16,031	12,499	8,555
Provision for Bad Debts	849	998	2,498	506	-
Other Operating Expenses	39,668	36,209	34,582	31,017	23,763
Total Operating Expenses	418,928	400,431	400,517	279,033	238,787
Operating Income	51,434	43,181	26,012	39,514	36,517
Interest Expense	-4,474	-4,549	-3,968	-3,524	-508
Interest Income	3,738	3,170	1,915	1,831	2,175
Net Interest Expense	-736	-1,379	-2,053	-1,693	1,667
Income (Loss) on Equity Investments	10,267	11,479	12,035	3,127	1,233
Currency Exchange Gain (Loss)	185	-44	1,011	487	-839
Other Non-Operating Income (Expenses)	-4,466	-6,448	-1,769	-8,440	-16,163
EBT Excluding Unusual Items	56,684	46,789	35,236	32,995	22,415
Pretax Income	56,684	46,789	35,236	32,995	22,415
Income Tax Expense	10,214	8,111	6,648	8,912	6,266
Earnings From Continuing Ops.	46,470	38,678	28,588	24,083	16,149
Minority Interest in Earnings	-611	-655	-157	-585	167
Net Income	45,859	38,023	28,431	23,498	16,316
Net Income to Common	45,859	38,023	28,431	23,498	16,316
Net Income Growth	20.61%	33.74%	20.99%	44.02%	-29.93%
Shares Outstanding (Basic)	1,127	1,127	1,127	1,127	1,127
Shares Outstanding (Diluted)	1,127	1,127	1,127	1,127	1,127
EPS (Basic)	40.69	33.74	25.23	20.85	14.48
EPS (Diluted)	40.69	33.74	25.23	20.85	14.48
EPS Growth	20.60%	33.74%	20.99%	44.02%	-29.93%
Free Cash Flow	2,860	33,174	-8,481	16,921	10,210
Free Cash Flow Per Share	2.54	29.44	-7.53	15.01	9.06
Dividend Per Share	24.031	19.760	16.840	15.290	12.520
Dividend Growth	21.61%	17.34%	10.14%	22.12%	18.47%
Profit Margin	9.75%	8.57%	6.67%	7.38%	5.93%
Free Cash Flow Margin	0.61%	7.48%	-1.99%	5.31%	3.71%
EBITDA	68,491	59,382	41,625	52,013	45,072
EBITDA Margin	14.56%	13.39%	9.76%	16.33%	16.37%
D&A For EBITDA	17,057	16,201	15,613	12,499	8,555
EBIT	51,434	43,181	26,012	39,514	36,517
EBIT Margin	10.93%	9.73%	6.10%	12.40%	13.26%
Effective Tax Rate	18.02%	17.34%	18.87%	27.01%	27.95%
Revenue as Reported	470,362	443,612	426,529	318,547	275,304

Source: S&P Capital IQ. Utility template. Financial Sources.