Business Highlights

AboitizPower expresses confidence through buy-back program

September 21, 2023

As of close of trading on September 19, Aboitiz Power Corporation (“AboitizPower” or “the Company”) has purchased 11,407,500 of its own shares as part of its buy-back program.

The buy-back program was initiated as an opportunity to repurchase shares as AboitizPower believes that the current share price range does not reflect the intrinsic value of the Company and its future business prospects. This action is an expression of confidence by the Company in the fundamentals of the country, the energy industry and its business.

AboitizPower is a leading energy provider that accounts for one out of every five megawatts (MW) of installed capacity in the Philippines. It continues its growth trajectory by developing a portfolio of 9,200 MW in the next 10 years to support the delivery of the country’s national energy plans.

In 2022, the full year net income of AboitizPower was P27.5 billion, 32% higher than the previous year. Growth continued in the first half of 2023, as the Company’s net income after tax (NIAT) stood at P17.8 billion, 79% higher than in the same period last year.

“With a pipeline of about 1,000 MW of new renewable energy capacity, we are well on our way to contribute an additional 3,700 MW of clean electricity,” said Manny Rubio, Chief Executive Officer. “With our strong track record of NIAT performance, the ability to deliver both renewable and thermal power generation projects, and reliable growth from our distribution utilities, we are in a good position to create long-term shareholder value.”

The Company is aware that the purchases may reduce the public ownership level of AboitizPower below the minimum required to remain a component of the Philippine Stock Exchange index (PSEi). Despite its potential removal from the PSEi, the Company continues to believe its fundamentals remain intact and that this program will create further shareholder value.

AboitizPower’s current public ownership levels far exceed the 10% minimum public ownership level required for it to remain listed in the Philippine Stock Exchange (PSE). Even with this stock buy-back program, there is no intention to delist from the PSE, but merely to reward our existing shareholders with a larger share of a brighter future.

AboitizPower believes that energy is the lifeblood of business and communities, powering the daily lives of millions of Filipinos of all ages. It aspires to live up to the responsibility of providing reliable and cost-effective power, aligned with our purpose of “Transforming Energy for a Better World.”