MANILA Water Co., Inc. recorded a P5.92-billion net income in 2022, 61.3% higher than the P3.67 billion recorded a year earlier, the company announced on Tuesday.
In a regulatory filing, the east zone water concessionaire reported a 7% increase in revenues to P20.64 billion from P19.29 billion. Consolidated revenues went up by 11.2% to P22.80 billion from P20.53 billion.
In a statement, the company said customer demand recovered in 2022 due to eased mobility restrictions and with the resumption of economic activities in its service areas.
Cost of services in 2022 decreased by 23.3% to P2.70 billion from the P3.33 billion recorded a year earlier, while operating expenses increased by 9.5% to P4.28 billion from P3.91 billion.
Manila Water said capital expenditures also increased by 36% to P22.4 billion in 2022.
At the company’s east zone concession, it recorded a P5.5-billion net income on the back of higher revenues.
“Revenue recovery was mainly supported by the non-residential segment and higher connection fees, as well as cross-border charges,” Manila Water said.
Last year, the Metropolitan Waterworks and Sewerage System approved Manila Water’s rate rebasing service improvement plan in the east zone. The company is targeting to spend around P100 billion on water supply and network improvement projects, and service expansion coverage in the next five years.
At the local bourse on Tuesday, shares in the company gained 10 centavos or 0.53% to end at P19 apiece. — Ashley Erika O. Jose