Manila Water Company Inc. said Friday its net income grew 14 percent to P3.6 billion in the first quarter of 2025, boosted by strong revenue growth in its east zone concession and non-east zone Philippines businesses.
The company said in a statement that earnings before interest, taxes, depreciation and amortization (EBITDA) rose 12 percent to P6.9 billion, reflecting a three-percentage-point improvement in EBITDA margin to 73 percent.
Consolidated revenues increased by 8 percent to P9.5 billion, driven by implemented tariff adjustments in the east zone and several NEZ PH businesses.
The east zone concession saw an 8-percent increase in revenues to P7.6 billion, mainly due to the implementation of the third tranche of the rate rebasing tariff adjustment in January 2025.
Billed volume, however, declined 2 percent due to lower residential consumption and cross-border volume. Total costs grew 1 percent to P1.9 billion, as costs related to new facilities and system enhancements were offset by lower direct costs.
EBITDA for the east zone concession increased by 11 percent to P5.7 billion, with the EBITDA margin improving to 75 percent.
Beyond the east zone, the NEZ PH business reported a 33-percent increase in earnings to P329 million, driven by tariff adjustments and a 14-percent rise in total billed volume, pushing revenues up by 16 percent to P2.2 billion.
Manila Water International’s share in net income increased to P124 million, mainly due to the cessation of net loss recognition from its East Water investment, which was fully impaired last year.
Manila Water said its capital expenditures reached P4.8 billion in the first quarter, with the east zone concession accounting for 83 percent or P4.0 billion.
These investments are for projects aimed at augmenting water supply, ensuring reliable service, and expanding wastewater treatment capacity and coverage.
Manila Water president and chief executive Jocot de Dios said the company is committed to providing quality service while aligning with its sustainability goals.
“The collaborative relationships we have built with our customers, regulators and stakeholders enable us to attain the stability and efficiency we now see in our operations. This strong foundation has helped us remain focused on the sustainability goals we have set out to accomplish,” he said.
