Maynilad profit rises 10.3% as billed volume, customers increase

MAYNILAD Water Services, Inc. said its net income rose by 10.3% to P4 billion in the first quarter (Q1), driven by higher billed volume and customer growth.

In a regulatory filing on Wednesday, the West Zone concessionaire said revenues increased by 6.2% to P9.1 billion from P8.6 billion in the same period last year.

Earnings before interest, taxes, depreciation and amortization rose by 7.6% to P6.5 billion, while the margin improved to 43.9%.

Maynilad said total billed connections grew by 1.5% to 1.68 million in the first three months of the year, while water volume rose by 2.3% to 136.1 million cubic meters.

Growth was driven primarily by the domestic segment, which increased by 3%.

The company also reported improvements in non-revenue water (NRW), which declined to 30.7% from 36.2% in the same period last year.

NRW refers to water that is produced but not billed due to leaks, theft, or other losses.

Maynilad said its capital expenditures reached P5.4 billion during the period, up 11.6% from P4.9 billion a year earlier.

Maynilad President and Chief Executive Officer Ramoncito S. Fernandez said the company’s performance reflects ongoing operational and investment efforts.

“We continue to see improvements in service reliability and water availability, while sustaining strong financial performance,” he said. “As we move forward, our focus remains on strengthening the system, reducing losses, and ensuring that our investments translate into better service for our customers.”

Maynilad serves as the primary provider of water and wastewater services in the West Zone, covering 11 cities in Metro Manila, three with partial coverage, as well as parts of Cavite province.

Metro Pacific Investments Corp., Maynilad’s majority shareholder, is one of three Philippine subsidiaries of Hong Kong-based First Pacific Co. Ltd., along with Philex Mining Corp. and PLDT Inc.

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