Full Year 2024 First Pacific Co Ltd Earnings Call Transcript
Key Points
- First Pacific Co Ltd (FPAFF) reported record high contributions, recurring profit, and full-year distribution to shareholders for 2024.
- Indofood achieved its 11th consecutive year of record high revenues, with the noodles division being a significant driver of profit.
- Metro Pacific saw record high contributions and core profit, driven by increased tariffs in water and roads, and higher sales in power.
- PLDT reported record high sales and service revenues, with strong growth in mobile data, SMS, and fixed line data.
- The company maintains a strong balance sheet with no borrowings due in 2025 and a comfortable interest coverage ratio of 4 times.
- Dividend income was slightly down from the record high set in 2023.
- PacificLight Power experienced a more moderate pace of earnings in 2024 due to lower blended non-fuel margins.
- Philex Mining Corporation faces declining grades at the Padcal Mine, although it remains profitable.
- The company faces challenges in maintaining liquidity for potential share buybacks due to capital allocation needs.
- The future of Maya, PLDT's fintech venture, remains uncertain with discussions ongoing about potential strategic options.
Good day, everyone, and thank you for joining us on this online event to discuss First Pacific 2024 full-year financial and operating results. The results presentation is available on First Pacific website, www.firstpacific.com, and the investor relations session presentation page. These results given is being recorded and the repay will be available on First Pacific's website this evening in the investor relations section.
For participants from the media, please note the Q&A session is open for investors and analysts only. If you would like to raise questions, please call us when the meeting finished.
Today, we are joined with us is our Executive Director, Mr. Chris Young, and he will come in in a minute; and our Chief Financial Officer, Mr. Joseph Ng; our Associate Directors, Mr. John Ryan and Mr. Stanley Yang; and other senior executive from the head office in Hong Kong.
Over to you, John, for the presentation, please.
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