Daven Tamayo

Meralco core net income hits P26.5 billion in first half, up 3.8 percent

Workers clear out debris and replace electric lines and posts knocked down by a ten-wheeler truck through a domino effect in Brgy. Lambakin, Marilao, Bulacan on August 20, 2024. The Manila Electric Company (MERALCO) aims to restore power to around 700 homes affected by the incident within the day. Mark Demayo, ABS-CBN News

Article (news)

Workers clean and restore power lines

Arthur Fuentes

ABS-CBN News

MANILA — Meralco said its core net income climbed 3.8 percent in the first half of the year, to P26.5 billion from 25.54 billion in the same period last year.In a disclosure to the stock market on Wednesday, the country’s biggest power distributor said net income also increased to P27.54 billion in the first six months of 2026, from P24.46 billion in 2025. Consolidated revenues, meanwhile, grew 15.7 percent to P283.7 billion, while reported net income, which excludes forex adjustments and other one-time transactions, climbed 11.3 percent to P26.3 billion.Meralco noted that its distribution unit’s (DU) energy sales fell 0.5 percent because of the increasing adoption of rooftop solar units, but strong contributions from its power generation and retail electricity supply (RES) businesses helped offset this.  &quot;While the DU remained a significant earnings contributor, the sustained growth of our Power Generation and RES businesses helped provide greater stability across our business,&quot; Meralco Chairman Manuel Pangilinan said.Pangilinan also noted the impact of the continuing conflict in the Middle East on energy prices.&quot;Meralco recognizes that the persistent conflict in the Middle East continues to exert pressure on global fuel supply and on prices and, consequently, electricity rates,&quot; Pangilinan added.  &quot;While many of these are beyond our control, we remained focused on what we could manage—working closely with our fuel suppliers and exercising prudent sourcing strategies, strengthening our network, and pursuing efficiencies to contain costs.&quot;  Following the results, Meralco&#x27;s board approved an interim cash dividend of P11.758 per share. The Department of Energy said it is currently <a href="https://www.abs-cbn.com/news/business/2026/7/30/doe-erc-meet-with-meralco-over-proposed-system-loss-removal-1253" rel="noopener noreferrer" target="_blank">in talks with Meralco</a> about the proposed removal of the system loss charge from consumers&#x27; electric bills. But Pangilinan has <a href="https://www.abs-cbn.com/news/business/2026/7/29/meralco-on-proposed-system-loss-charge-removal-who-will-bear-the-cost-1708" rel="noopener noreferrer" target="_blank">questioned the proposal.</a>

Meralco said energy sales fell because of the increasing adoption of rooftop solar units but this was offset by its power generation and retail electricity business.

Meralco said energy sales fell because of the increasing adoption of rooftop solar units but this was offset by its power generation and retail electricity business.