Manila Electric Company (PSE:MER)

Manila Electric Company Income Statement

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

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Mar 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Revenue	480,325	470,362	443,612	426,529	318,547	275,304
Revenue Growth (YoY)	8.54%	6.03%	4.00%	33.90%	15.71%	-13.51%
Fuel & Purchased Power	358,239	358,239	344,381	345,222	233,708	204,420
Operations & Maintenance	2,225	2,225	1,881	1,906	1,103	-
Selling, General & Admin	418	418	337	278	200	222
Depreciation & Amortization	17,529	17,529	16,625	16,031	12,499	8,555
Provision for Bad Debts	849	849	998	2,498	506	-
Other Operating Expenses	49,284	39,668	36,209	34,582	31,017	23,763
Total Operating Expenses	428,544	418,928	400,431	400,517	279,033	238,787
Operating Income	51,781	51,434	43,181	26,012	39,514	36,517
Interest Expense	-4,474	-4,474	-4,549	-3,968	-3,524	-508
Interest Income	3,738	3,738	3,170	1,915	1,831	2,175
Net Interest Expense	-736	-736	-1,379	-2,053	-1,693	1,667
Income (Loss) on Equity Investments	11,875	10,267	11,479	12,035	3,127	1,233
Currency Exchange Gain (Loss)	185	185	-44	1,011	487	-839
Other Non-Operating Income (Expenses)	-5,721	-4,466	-6,448	-1,769	-8,440	-16,163
EBT Excluding Unusual Items	57,384	56,684	46,789	35,236	32,995	22,415
Pretax Income	57,384	56,684	46,789	35,236	32,995	22,415
Income Tax Expense	9,725	10,214	8,111	6,648	8,912	6,266
Earnings From Continuing Ops.	47,659	46,470	38,678	28,588	24,083	16,149
Minority Interest in Earnings	-949	-611	-655	-157	-585	167
Net Income	46,710	45,859	38,023	28,431	23,498	16,316
Net Income to Common	46,710	45,859	38,023	28,431	23,498	16,316
Net Income Growth	18.11%	20.61%	33.74%	20.99%	44.02%	-29.93%
Shares Outstanding (Basic)	1,127	1,127	1,127	1,127	1,127	1,127
Shares Outstanding (Diluted)	1,127	1,127	1,127	1,127	1,127	1,127
EPS (Basic)	41.45	40.69	33.74	25.23	20.85	14.48
EPS (Diluted)	41.45	40.69	33.74	25.23	20.85	14.48
EPS Growth	18.11%	20.61%	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	24.031	19.760	16.840	15.290	12.520
Dividend Growth	21.64%	21.61%	17.34%	10.14%	22.13%	18.47%
Profit Margin	9.72%	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	68,701	68,491	59,382	41,625	52,013	45,072
EBITDA Margin	14.30%	14.56%	13.39%	9.76%	16.33%	16.37%
D&A For EBITDA	16,920	17,057	16,201	15,613	12,499	8,555
EBIT	51,781	51,434	43,181	26,012	39,514	36,517
EBIT Margin	10.78%	10.94%	9.73%	6.10%	12.40%	13.26%
Effective Tax Rate	16.95%	18.02%	17.34%	18.87%	27.01%	27.95%
Revenue as Reported	480,325	470,362	443,612	426,529	318,547	275,304

Source: S&P Global Market Intelligence. Utility template. Financial Sources.