The following is a summary of the First Pacific Co Ltd (FPAFY) Q4 2023 Earnings Call Transcript:

Financial Performance:

• First Pacific reported an 18% increase in contribution from operations amounting to over $700 million.

• Earnings per share increased by 19% to US$14.24.

• The company distributed a final dividend of HK$12.5 per share for a full-year payout of HK$0.23 per share.

• The company's blended interest cost increased to 5.4%.

• Gross and net debt of the company stood at $1.5 billion and $1.4 billion respectively.

• Significant increases were reported in the profit for tollways and recurring earnings in the Philippines, while dividends showed a slight increase.

Business Progress:

• There's an expectation of continued earning growth from First Pacific's core holdings over the medium term.

• Record-high net sales and core profit margins from Indofood were driven principally by its consumer branded products division.

• Toll roads business and several core holdings showed strong growth and record revenues.

• Several tollway projects in the Philippines are nearing completion, with prospects for a major merger and a potential listing on the equity market in the near future.

• Significant investments are expected in the energy sector, with projects focused on renewable energy, indicating a shift in market landscape.

• Tariffs for the water business are expected to rise from January 2024, indicating increased income.

• The company is progressing on significant projects focused on power generation, renewable energy initiatives, and expanding tollways in the Philippines and Indonesia.

• The company is shifting its business model towards more technological and digital initiatives with focus on Fintech.

• Optimism over the economic landscape and growth prospects of its subsidiaries, backed by strategic agreements and increased earnings.

More details: 1ST PACIFIC CO IR

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