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Utilities

Manila Electric Co.

  • 352.00 PHP
  • -11.00
  • -3.03%
  • Philippines
    Aug 17, 2018
  • Ticker
    PHS(MER)
  • Prev. close
    363.00
  • Market cap (PHP)
    409,137M
  • Market cap (USD)
    7,660.30M
  • Shares
    1,127.10M

Company Background

Manila Electric is the Philippines' largest power distributor, serving more than 5 million customers and covering a quarter of the Philippine population. Its franchise area extends to over 100 cities and municipalities on the main Philippine island of Luzon, where Manila is located. Aside from electricity distribution, the company has also ventured into power generation through its wholly owned subsidiary,

Meralco PowerGen. Meralco PowerGen has stakes in local power generators Global Business Power and Redondo Peninsula Energy as well as in Singapore-based PacificLight Power.

The company is a subsidiary of Metro Pacific Investments, the local unit of Hong Kong-listed, but Indonesia's Salim-controlled, First Pacific. In October 2008, the Philippine Energy Regulatory Commission granted Meralco a consolidated Certificate of Public Convenience and Necessity for the operation of electric service within its franchise coverage, effective until June 2028, to coincide with its congressional franchise.

Business Summary

Manila Electric Co. engages in the generation and distribution of electricity. It operates through the following segments: Power and Other Services. The Power segment consists of electricity distribution, power generation, and retail electricity supply. The Services and Others segment involves primarily in electricity-related services such as electro-mechanical engineering, construction, consulting, and related manpower as well as light rail-related maintenance services, electronic transaction and bills collection, insurance and electronic business development and energy systems management. The company was founded in 1903 and is headquartered in Pasig, Philippines.

Financial Highlights

Dec 2017 PHPUSD
Revenue282,556M5,604.64M
Gross Profit39,939M792.21M
Operating income34,915M692.55M
Income before tax27,862M552.65M
Net income20,384M404.32M
EBITDA42,431M841.64M
Diluted EPS18.090.35
Dividends Per Share16.990.33
Total Assets303,355M6,076.82M
Total liabilities228,923M4,585.79M
Total equity73,610M1,474.55M
Operating cash flow29,672M588.55M
Currency in PHPCurrency in USD

Historical Data

 Dec 2013Dec 2014Dec 2015Dec 2016Dec 2017
Revenue 298,636M 266,336M 258,399M 257,181M 282,556M
Gross Profit 38,647M 40,881M 39,501M 39,230M 39,939M
Operating income 34,899M 37,779M 35,036M 35,086M 34,915M
Income before tax 24,586M 26,173M 24,903M 28,370M 27,862M
Net income 17,211M 18,053M 19,098M 19,176M 20,384M
EBITDA 41,017M 43,872M 41,946M 42,393M 42,431M
Diluted EPS 15.27 16.02 16.94 17.02 18.09
Dividends Per Share 10.55 8.49 18.36 22.78 16.99
Total Assets 264,073M 269,061M 282,239M 296,037M 303,355M
Total liabilities 188,669M 189,579M 201,378M 220,891M 228,923M
Total equity 75,231M 79,162M 80,276M 74,417M 73,610M
Operating cash flow 34,625M 36,216M 41,104M 35,417M 29,672M
 Dec 2013Dec 2014Dec 2015Dec 2016Dec 2017
Revenue 7,031.75M 6,000.09M 5,674.98M 5,415.76M 5,604.64M
Gross Profit 909.99M 920.97M 867.52M 826.11M 792.21M
Operating income 821.74M 851.09M 769.46M 738.84M 692.55M
Income before tax 578.90M 589.63M 546.92M 597.42M 552.65M
Net income 405.25M 406.70M 419.43M 403.81M 404.32M
EBITDA 965.79M 988.36M 921.22M 892.71M 841.64M
Diluted EPS 0.35 0.36 0.37 0.35 0.35
Dividends Per Share 0.24 0.19 0.40 0.47 0.33
Total Assets 5,949.93M 6,014.88M 5,998.06M 5,954.98M 6,076.82M
Total liabilities 4,250.97M 4,238.05M 4,279.63M 4,443.36M 4,585.79M
Total equity 1,695.05M 1,769.67M 1,706.00M 1,496.94M 1,474.55M
Operating cash flow 815.28M 815.88M 902.73M 745.81M 588.55M

Valuation Measures

Dec 2017
PER18.16
ROA6.80%
ROE27.54%
Operating margin12.35%
Profit margin7.21%

Key executives

  • President, CEO & Executive Director: Oscar S. Reyes
  • Chief Finance Officer & Senior Vice President: Betty C. Siy-Yap
  • First VP, Compliance Officer & Head-Legal: William S. Pamintuan
  • Senior Vice President: Roberto R. Almazora
  • Vice President: Fortunato C. Leynes

Shareholders

  • Beacon Electric Asset Holdings, Inc. (34.9%)
  • JG Summit Holdings, Inc. (29.5%)
  • Metro Pacific Investments Corp. (10.5%)
  • First Philippine Holdings Corp. (3.9%)
  • The Vanguard Group, Inc. (0.7%)
  • BlackRock Fund Advisors (0.3%)
  • Robeco Institutional Asset Management BV (0.2%)
  • Dimensional Fund Advisors LP (0.1%)
  • Grantham, Mayo, Van Otterloo & Co. LLC (0.1%)
  • BC Investment Management Corp. (0.1%)

Contact Details

Related Companies

  • Mrail, Inc.
  • Comstech Integration Alliance, Inc.
  • Lighthouse Overseas Insurance Ltd., Inc.
  • Meralco PowerGen Corp.
  • Meralco Financial Services Corp.
  • Corporate Information Solutions, Inc.
  • Meralco Energy, Inc.
  • Republic Surety & Insurance Co., Inc.
  • Clark Electric Distribution Corp.
  • Meralco Industrial Engineering Services Corp.
  • e-Meralco Ventures, Inc.
  • Manila Electric Co. ESOP
  • Republic Surety & Insurance Co.
  • Meridian Atlantic Ltd.

Competitors

    Last Updated on 17 Aug, 2018

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