Manila Water Company, the water utility led by tycoon Enrique Razon Jr., reported an 8.5-billion-peso net income for the first half of the year—a 6 percent increase—as tariff adjustments and steady operational growth counteracted rising depreciation and financing expenses.
According to a Philippine Stock Exchange (PSE) filing, the concessionaire’s consolidated revenues reached P22.2 billion for the six-month period ending June, marking an 11 percent gain year-on-year.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) also grew 13 percent to P16.4 billion.
The financial performance was largely anchored by the company’s core East Zone concession, covering parts of Metro Manila and Rizal province. Revenue for the East Zone surged 12 percent to P17.9 billion, lifted by sustained customer demand and approved rate revisions.
Outside the capital, Manila Water’s non-East Zone operations recorded a modest 2 percent revenue uptick alongside a 7 percent EBITDA increase. Rate increases across key concession areas—including Clark, South Luzon, and Boracay—drove performance, supported by higher project supervision fees from subsidiaries Laguna Water and Estate Water.
To sustain service reliability, build network capacity, and satisfy contractual commitments, Manila Water deployed P6.8 billion in capital expenditure during the same six-month window.
Despite weather disruptions and broader macroeconomic friction across the region’s utility sector, Manila Water president and chief executive officer Roberto Locsin expressed confidence in the firm’s trajectory amid climate and economic pressures.
“While geopolitical concerns and El Niño present real challenges for our sector, we are confident in our ability to navigate these conditions by improving the way we operate, optimizing resources, and strengthening service delivery,” Locsin said.
“In doing so, we can translate operational gains into meaningful financial results, while continuing to provide reliable and essential water service to our customers.”