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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