Maintaining our Strong Financial Position
At a Glance
In 2019, total core revenue increased by 10.2%, from PhP38.0 billion in 2018.
More contestable customers* partnered with EDC, a 29.8% increase from 2018.
This record-high performance is attributed to higher revenue and lower net financial expenses, bolstered by the excellent performance of individual business units.
In 2019, EDC reported total revenue of PhP41.9 billion, a 10.2% increase from PhP38.0 billion in 2018, with net income amounting to PhP12.4 billion, a 28.7% increase from PhP9.6 billion in 2018. Recurring net income increased by 29%, to PhP11.6 billion in 2019 from PhP9.2 billion in 2018.
This increase is attributed to higher revenue and lower net financial expenses, partly offset by combined increases in recurring costs of sale and general and administrative expenses. In 2019, net income represented 29.5% of total revenues, compared to 25.3% in 2018.
This favorable financial performance was also driven by the higher generated volume of our Palinpinon, BacMan, and Nasulo geothermal power plants, coupled with the full return to service of the Unified Leyte and Tongonan geothermal power plants after recovery from Typhoon Urduja. In 2019, EDC generated total energy sales of 9,300.1 gigawatt hours (GWh), a 4.0% increase from 8,945.3 GWh in 2018.
EDC ended the year with zero loan defaults and minimized negative carry for its investors. Overall, this means that EDC has the capacity to fund its growth, finance its needs, and provide healthy returns to its shareholders.
To continue to build the business, EDC strives to improve its contract portfolio and maintain a positive brand image and reputation. EDC also works closely with its suppliers to ensure their cooperation in the company’s efforts to improve its processes and technology, as well as to negotiate lower costs on material inputs.
Our 2019 Integrated Report
Our Integrated Report tells the story of our efforts to achieve our business objectives, hand-in-hand with our sustainability aspirations.