First Pacific Company (142) H1 2025 earnings summary

Executive summary

• Recurring profit for the first half of 2025 rose 11% year-over-year to a record US$375.4 million, with net profit up 41% to US$391.2 million, driven by strong performances at MPIC, Indofood, and PLDT.

• Profit contribution from operations increased 8% to US$423.2 million, with turnover stable at US$5.0 billion.

• Interim distribution declared at HK13.00 cents per share, up from HK12.00 cents, under a progressive dividend policy.

• Board and management remain confident in medium-term earnings growth, supported by expansion in fast-growing Asian markets.

Financial highlights

• Recurring profit up 11% to US$375.4 million; reported profit up 41% to US$391.2 million.

• Contribution from operations rose 8% to US$423.2 million, with record revenues at Indofood, PLDT, and MPIC.

• Basic EPS increased 40.1% to US 9.19 cents; recurring basic EPS up 10.3% to US 8.82 cents.

• Net interest expense fell 10% to US$35 million; equity attributable to owners at US$4.3 billion.

• Dividend income exceeded US$300 million for the second consecutive year.

Outlook and guidance

• Management expects continued earnings growth, citing strong demand in core markets and defensive industries.

• Indofood targets organic growth and ESG improvements, with stable economic growth in Indonesia.

• MPIC forecasts a third consecutive year of record-high core profit in 2025, led by power, roads, and water.

• PLDT anticipates record service revenues and EBITDA in 2025, with capex trending down and focus on reducing net debt/EBITDA.

• Maynilad IPO expected by end-October 2025, with strong sector rebound and regulatory approval.