Consolidated Performance

Manila Water posted consolidated revenues of Php36.6 billion for the full year of 2024. Solid topline growth was fueled by the continued recovery of customer demand with the resumption of economic activities as well as implementation of tariff adjustments in both EZ and NEZ key businesses. Core NIAT sustained upward trajectory and grew by 48% to Php14.2 billion on the back of strong revenue performance and effective cost management. NIAT surged by 88% to a record level of Php10.5 billion.

On a consolidated level, revenues increased 19% to nearly Php36.6 billion. This growth was supported by the recovery of the East Zone’s residential and commercial accounts, as well as by the 29% increase in revenues from our NEZ PH businesses. Consolidated cost of services and expenses for the period totaled Php11.8 billion, reflecting a 9% increase year-on-year. Key cost drivers included expenditures related to the new facilities, regulatory compliance requirements, market-driven rate adjustments, and costs directly tied to higher revenue and production levels. Costs were further tempered by various efforts to streamline costs and realize operating efficiencies. As a result, consolidated EBITDA rose 26% to Php 25.9 billion, lifting the EBITDA margin by 4 percentage points to 71%. This figure includes our share in the one-time gain from the divestment of Tan Hiep amounting to Php471 million under Saigon Water. Excluding this share in one-time gain, the normalized EBITDA margin stands at 69%.

In our commitment to disciplined portfolio management, we executed strategic divestments and adjustments. The divestment of the Bulacan business units generated a gain of Php894 million booked under Other Income. We recognized full impairment of our investment in East Water (Php3.6 billion) and partial impairment of our Saigon Water investment (Php902 million), to reflect current market conditions and operational outlook.

We remain committed to delivering on our project and service obligation commitments, as evidenced by our group CAPEX accomplishment which reached Php26.3 billion for the year.