ABOITIZ Power Corp. (AboitizPower) said Monday that net income in the first quarter had risen by four percent to P7.90 billion, from P7.50 billion a year earlier, on the back of higher generation margins.

In a filing, the company said core net income rose three percent year-on-year to P7.80 billion from P7.60 billion.

"AboitizPower continued its strong performance in the first quarter of 2024, building on its successful 2023. This momentum reflects the effectiveness of our investments and growth strategies," AboitizPower President and CEO Emmanuel Rubio said.

Energy sold by its generation and retail electricity supplier segments increased slightly by one percent to 8,812 gigawatt-hours (GWh) from 8,725 GWh, resulting in earnings before interest, taxes, depreciation, and amortization (Ebitda) for the segment of P13.8 billion, up from P13.1 billion last year.

Its distribution business saw energy sales rise by 9 percent to 1,526 GWh from 1,404 GWh on higher demand, driven mainly by the effect of the El Niño weather phenomenon.

However, Ebitda in the distribution business declined by 11 percent to P2.6 billion, "primarily due to the favorable timing in pass through charges that were recognized in 2023 resulting from declining fuel prices."

The company said it had allocated P73 billion in capital expenditures for 2024, more than double last year's P26 billion, which will be used for various renewable energy projects.

"Looking ahead, we're excited about the new growth drivers emerging this quarter. By leveraging these opportunities, we remain confident in our ability to unlock shared success for all our stakeholders," Rubio said.

AboitizPower reported earning P33.10 billion in 2023, up 27 percent from the previous year.

The company's share price rose by P0.15 to close at P37.30 on Monday.