MANILA – AboitizPower celebrated its 10th anniversary at the Philippine Stock Exchange (PSE) on July 18, still focused on pursuing its balanced mix strategy while riding on the robust economic growth of the country.
AboitizPower CEO Erramon I. Aboitiz said the company is on track to reaching its target of reaching 4,000 MW in attributable capacity by 2020 while maintaining a healthy portfolio of renewable energy facilities.
“We will continue to push our balanced mix strategy because we believe that the long-term energy security of the country can be solved by balancing sustainability, accessibility, and reliability of power,” Aboitiz said.
Around 32 percent of AboitizPower’s 3,955 MW net sellable capacity at present come from its geothermal, hydro and solar power plants.
On the power distribution front, the company will ride on the healthy economic growth in areas served by Visayan Electric Co., Davao Light and Power, Cotabato Light and several economic zones it serves. Combined, the distribution utilities serve around 900,000 customers.
From its IPO price of P5.80 in 2007, it is now six times its initial price or an equivalent of P40.05 per share. This translates to a 28-percent total return to shareholders compounded annually, said a company press release. It noted that its dividend policy of paying out half of the annual net income is one of the highest dividend yields in the PSE.
“We will remain strategic yet disciplined in our approach towards achieving our growth goals, always mindful of our role in nation building,” Aboitiz said.
The Aboitiz Group’s investments in the power industry started in the early 1900s when it invested in small utilities like Jolo Power and Ormoc Power.
It later acquired Davao Light and Power, Cotabato Light and Power, as well as Visayan Electric. It further expanded after the passage of the EPIRA Law in 2001.
The company built its first power plant, the 1.2-MW Irisan 3, in 1990 through subsidiary Hedcor.
In the next 12 months, the company is set to add more capacity to its balanced portfolio, including the 69-MW Manolo Fortich and 8-MW Maris Canal hydro power plants, as well as the 400-MW Pagbilao 3 and 340-MW Therma Visayas thermal power plants.