2020 Integrated Report


Business Review

Manila Water Asia Pacific

Thu Duc Water Treatment Plant in Ho Chi Minh City


Manila Water’s presence in the ASEAN region is spearheaded by Manila Water Asia Pacific. With market presence in Vietnam, Thailand and Indonesia, MWAP leverages the experience gained from the East Zone to explore opportunities in the region./p>

MWAP is no exception to the negative impact of the global health crisis, the COVID-19 pandemic, and continues to face many challenges along the way.


Kenh Dong Raw Water Reservoir in Ho Chi Minh City


On a consolidated MWAP level, equity share in net income of associates decreased by 67 percent to Php214 million. This was mainly due to the recent finalization of the purchase price allocation of the investment in East Water which was acquired in 2018. Goodwill for the acquisition was reduced by THB1,496 million, which was reallocated to Fair Value of the underlying assets of East Water. As of December 31, 2020, total adjustment related to the fair value amortization of East Water’s investment amounted to THB259 million, equivalent to P411 million.

Despite the challenges posed by the COVID-19 pandemic, the Group inked a Management, Operations and Maintenance Contract with Saudi Arabia’s state-run water agency, the National Water Company. This operations and maintenance contract is in partnership with the French water distributor Saur Group and Saudi’s Miahona Company. The seven-year agreement covers the implementation of enabling projects and the management of the water and wastewater facilities and systems of the North West Cluster served by National Water Company. The cluster includes the cities of Madinah and Tabuk, comprised of 300,000 square kilometers of land area, with a population of more than three million. This initiative is among the first of the Kingdom of Saudi Arabia’s plans to privatize its water infrastructure sector. Said country’s 2030 Vision targets to carry out a series of contracts to improve the water distribution services in all of its six clusters.

MWAP’s consolidated net loss ended at P371 million in 2020.



Billed Volume (in MCM) 2020 2019 Inc (Dec)%
East Water 326.8 382.1 -14%
Thu Duc Water 109.8 110.5 -1%
Kenh Dong Water 64.9 61.8 5%
Saigon Water 121.7 94.7 29%
PT STU 5.3 5.3 1%

Billed Volume not based on Attributable Ownership


(in Million Php) 2020 2019 % Change
Equity Share in Net Income of Associates 214 654 (67%)
East Water, Adjusted (179) 295 (161%)
Impact of Fair Value Amortization (411) (29)
East Water, before PPA 232 323 (28%)
Thu Duc Water 267 245 9%
Kenh Dong Water 164 131 26%
Saigon Water (37) (19) (98%)
PT STU (0.7) 1.5 (148%)