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Manila Electric Co.

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 2020 PHPUSD
Gross Profit41,972M846.20M
Operating income36,521M736.30M
Income before tax21,182M427.05M
Net income16,316M328.94M
Diluted EPS14.470.29
Dividends Per Share12.520.25
Total Assets390,267M8,126.58M
Total liabilities309,536M6,445.51M
Total equity79,237M1,649.96M
Operating cash flow31,558M636.24M
Currency in PHPCurrency in USD

Historical Data

 Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020
Revenue 257,181M 282,556M 304,454M 318,315M 275,304M
Gross Profit 39,230M 39,939M 42,476M 46,294M 41,972M
Operating income 35,086M 34,915M 38,645M 41,362M 36,521M
Income before tax 28,370M 27,862M 30,545M 33,401M 21,182M
Net income 19,176M 20,384M 23,017M 23,285M 16,316M
EBITDA 42,393M 42,431M 46,467M 50,088M 45,072M
Diluted EPS 17.02 18.09 20.42 20.66 14.47
Dividends Per Share 22.78 16.99 15.90 15.85 12.52
Total Assets 296,037M 303,355M 336,251M 357,019M 390,267M
Total liabilities 220,891M 228,923M 253,364M 271,778M 309,536M
Total equity 74,417M 73,610M 82,042M 84,230M 79,237M
Operating cash flow 35,417M 29,672M 41,629M 44,752M 31,558M
 Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020
Revenue 5,415.76M 5,604.64M 5,778.99M 6,147.40M 5,550.42M
Gross Profit 826.11M 792.21M 806.25M 894.04M 846.20M
Operating income 738.84M 692.55M 733.54M 798.79M 736.30M
Income before tax 597.42M 552.65M 579.79M 645.05M 427.05M
Net income 403.81M 404.32M 436.89M 449.68M 328.94M
EBITDA 892.71M 841.64M 882.01M 967.31M 908.70M
Diluted EPS 0.35 0.35 0.38 0.39 0.29
Dividends Per Share 0.47 0.33 0.30 0.30 0.25
Total Assets 5,954.98M 6,076.82M 6,394.42M 7,049.44M 8,126.58M
Total liabilities 4,443.36M 4,585.79M 4,818.18M 5,366.33M 6,445.51M
Total equity 1,496.94M 1,474.55M 1,560.17M 1,663.14M 1,649.96M
Operating cash flow 745.81M 588.55M 790.18M 864.26M 636.24M

Valuation Measures

Dec 2020
Operating margin13.26%
Profit margin5.92%

Key executives

  • President, Chief Executive Officer & Director: Ray Celis Espinosa
  • Chief Finance Officer & Senior Vice President: Betty C. Siy-Yap
  • Head-Information, Communications & Technology: Roque D. Bacani
  • Chief Information Security Officer & VP: Maria Carmela T. Migrino
  • Head-Compliance & Corporate Governance: Jocelyn C. Villar-Altamira


  • Metro Pacific Investments Corp. (45.4%)
  • JG Summit Holdings, Inc. (29.5%)
  • The Vanguard Group, Inc. (0.7%)
  • BlackRock Fund Advisors (0.4%)
  • BlackRock Advisors (UK) Ltd. (0.1%)
  • Andra AP-fonden (0.1%)
  • Dimensional Fund Advisors LP (0.0%)
  • Geode Capital Management LLC (0.0%)
  • Grantham, Mayo, Van Otterloo & Co. LLC (0.0%)
  • Victory Capital Management, Inc. (Investment Management) (0.0%)

Contact Details

  • Website:
  • Address: Lopez Building, Ortigas Avenue, 8th Floor, Pasig, 1605, Philippines
  • Phone: +63.2.1622.2798

Related Companies

  • Mspectrum, Inc.
  • 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.


  • Aboitiz Equity Ventures Inc.
Last Updated on 3 Dec, 2021

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