ABOITIZ GROUP BULLISH IN 2024

The Aboitiz Group on Monday said it is bullish for 2024 as it is set to integrate its acquisitions into operations as well as spending more than double its capital expenditures this year for further expansions.

In a press conference following its annual stockholders’ meeting (ASM), Aboitiz Equity Ventures (AEV) chief financial officer Jose Emmanuel “Toto” Hilado said the group is looking to sustain growth this year.

“We don’t actually give guidance as a matter of practice, but suffioupce me to say that we are confident that 2024 will see positive growth as we integrate our acquisitions like Citi’s consumer business, Mactan Airport, and CCBPI,” he told reporters.

He was referring to Union Bank of the Philippines’ acquisition of American banking giant Citigroup Inc.’s consumer banking business in the Philippines, and the Mactan Cebu International Airport (MCIA), which is operated by Aboitiz InfraCapital.

Hilado also referred to AEV and Coca-Cola Europacific Partners Plc.’s (CCEP) acquisition of Coca-Cola Beverages Philippines Inc. (CCBPI) from The Coca-Cola Company for $1.8 billion which was completed in February.

AEV ended 2023 with a P22.120-billion core net income, up from P20.475 billion the previous year as its revenues climbed to P310.619 billion from P306.861 billion. Its attributable net income, however, fell to P23.546 billion from P24.021 billion.

The Aboitiz Group has allocated P153 billion for its capital expenditures in 2024, more than double the P65 billion it spent in the past year.

This includes P73 billion for Aboitiz Power, while the parent will spend another P40 billion for the acquisition of Coca-Cola Philippines, and another P26 billion for Aboitiz Infra to fund its ongoing tower acquisition and the development of its economic estates.

“The rest of the budget will be for airports, further enhancements of UnionBank’s digital infra, the completion of the food group’s capacity expansion projects, and maintenance of businesses,” Hilado said.—RF. GMA Integrated News

This article Aboitiz Group bullish in 2024 was originally published in GMA News Online.

2024-04-22T09:11:58Z dg43tfdfdgfd