Listed firm SPC Power Corp. will be extending P0.55 per share cash dividend to its outstanding stockholders and this will be payable before the end of the year.

In a disclosure to the Philippine Stock Exchange (PSE), the Henares-led firm stipulated that it will be releasing P823.1 million worth of cash dividend for its shareholders as of record date Dec. 23, 2021 and it will be settled on Dec. 27 this year.

The power company has been one of the energy sector players that was able to withstand the financial distress wrought by the Covid-19 pandemic, hence, it was still able to bring value to its stockholders.

In the third quarter financial report of the power firm, it logged 52.3-percent hike in its net income to P581.7 million from the year-ago level of P382 million.

It qualified that “performance improvements were recorded across all business segments, driven mainly by higher revenues from the sale of electricity as well as higher availability and utilization of power generation capacities.”

SPC Power noted that although it had some power supply contracts that lapsed in its Kepco-SPC affiliate firm, these were still offset by higher sales in the Wholesale Electricity Spot Market (WESM) and lower maintenance costs.

It pointed out that its major maintenance activities had been done in the second quarter this year; which somehow diverted from last year’s schedule at third quarter.

Because of the firm’s strong showing in the July-September financial review period, SPC specified that its overall profitability had been 5.0-percent higher in the nine-month stretch to P1.376 billion.

The power firm stated though that “despite improvement throughout the prevailing coronavirus pandemic, the results remained 5.9-percent lower as compared to the pre-pandemic performance in 2019, especially in the power distribution segment of its business.”

The company said the income contribution of its power generation portfolio stood at P426.8 million, which has been 30.4-percent higher versus the year-ago level of P327.3 million.

As of the end of third quarter this 2021, the consolidated assets of the company had been valued at P11.465 billion, which had escalated slightly from last year’s P11.440 billion.

Source: Manila Bulletin (