MANILA Water Company Inc. (MWC) said net income for the first half of 2024 grew 37 percent to P7.16 billion from P5.2 billion in the same period last year, lifted by higher revenue due to average tariff and billed volume growth across some of its business units.

In a regulatory filing on Thursday, the East Zone water concessionaire said consolidated revenues for the period jumped 19 percent year-on-year (YoY) to P18.35 billion.

"Our performance results are a clear indication of the resurgence in economic activity being experienced in the different areas we operate. Against this backdrop of potential growth opportunities, it becomes even more important that we are efficient in our operations and effective in our project execution," Manila Water President and CEO Jocot de Dios said.

The parent company, MWC, reported first-half revenues of P14.45 billion, up 20 percent YoY, following implementation of the second tranche of the approved rate rebasing adjustment, which started in January 2024, which was behind the strong growth in its billed volume.

Meanwhile, the consolidated revenues of MWC's business units under its Non-East Zone (NEZ) — Philippines group rose 22 percent YoY to P4.25 billion mostly due to the tariff hike implementation on the core domestic businesses and higher sewer revenues.

MWC's international business units, or NEZ-International, posted a P215 million equity share in net income of associates, down 27 percent from P295 million last year, as earnings of some units in the group waned.

Total capital expenditures for the group increased 28 percent in the first half to P10.15 billion, the bulk of which were spent on wastewater expansion, network reliability, and water supply projects that are in line with attaining service obligations outlined in its government-approved Rate Rebasing Service Improvement Plan.

The company received its government franchise to establish, operate, and maintain a waterworks and sewerage system in the East Zone service area of Metro Manila and Rizal province in December 2021, which became effective in January 2022.

Manila Water's share price went up by P0.35, or 1.35 percent, to close at P26.25 on Thursday.