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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 includes electricity distribution, power generation, and retail electricity supply. The Services and Others segment is involved 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 2021 PHPUSD
Gross Profit45,483M922.67M
Operating income39,518M801.66M
Income before tax29,868M605.90M
Net income23,498M476.68M
Diluted EPS20.850.42
Dividends Per Share15.280.31
Total Assets483,482M9,481.43M
Total liabilities378,039M7,413.61M
Total equity95,204M1,867.01M
Operating cash flow46,928M951.99M
Currency in PHPCurrency in USD

Historical Data

 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 282,556M 304,454M 318,315M 275,304M 318,547M
Gross Profit 39,939M 42,476M 46,294M 41,972M 45,483M
Operating income 34,915M 38,645M 41,362M 36,521M 39,518M
Income before tax 27,862M 30,545M 33,401M 21,182M 29,868M
Net income 20,384M 23,017M 23,285M 16,316M 23,498M
EBITDA 42,431M 46,467M 50,088M 45,072M 52,013M
Diluted EPS 18.09 20.42 20.66 14.47 20.85
Dividends Per Share 16.99 15.90 15.85 12.52 15.28
Total Assets 303,355M 336,251M 357,019M 390,267M 483,482M
Total liabilities 228,923M 253,364M 271,778M 309,536M 378,039M
Total equity 73,610M 82,042M 84,230M 79,237M 95,204M
Operating cash flow 29,672M 41,629M 44,752M 31,558M 46,928M
 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 5,604.64M 5,778.99M 6,147.40M 5,550.42M 6,462.10M
Gross Profit 792.21M 806.25M 894.04M 846.20M 922.67M
Operating income 692.55M 733.54M 798.79M 736.30M 801.66M
Income before tax 552.65M 579.79M 645.05M 427.05M 605.90M
Net income 404.32M 436.89M 449.68M 328.94M 476.68M
EBITDA 841.64M 882.01M 967.31M 908.70M 1,055.14M
Diluted EPS 0.35 0.38 0.39 0.29 0.42
Dividends Per Share 0.33 0.30 0.30 0.25 0.31
Total Assets 6,076.82M 6,394.42M 7,049.44M 8,126.58M 9,481.43M
Total liabilities 4,585.79M 4,818.18M 5,366.33M 6,445.51M 7,413.61M
Total equity 1,474.55M 1,560.17M 1,663.14M 1,649.96M 1,867.01M
Operating cash flow 588.55M 790.18M 864.26M 636.24M 951.99M

Valuation Measures

Dec 2021
Operating margin12.40%
Profit margin7.37%

Key executives

  • President, Chief Executive Officer & Director: Ray Celis Espinosa
  • Chief Finance Officer & Senior Vice President: Betty C. Siy-Yap
  • First VP & Head-Information & Communications: Roque D. Bacani
  • Chief Information Security Officer & VP: Maria Carmela T. Migrino
  • Chief Legal Counsel, SVP & Compliance Officer: William S. Pamintuan


  • Metro Pacific Investments Corp. (47.4%)
  • JG Summit Holdings, Inc. (26.3%)
  • The Vanguard Group, Inc. (0.7%)
  • BlackRock Fund Advisors (0.5%)
  • Geode Capital Management LLC (0.1%)
  • BlackRock Advisors (UK) Ltd. (0.1%)
  • Dimensional Fund Advisors LP (0.0%)
  • Sands Capital Management LLC (0.0%)
  • Mellon Investments Corp. (0.0%)
  • Grantham, Mayo, Van Otterloo & Co. LLC (0.0%)

Contact Details

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

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Last Updated on 4 Oct, 2022

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