Energy platform ACEN Corp. has reported a 34-percent increase in consolidated net income to P2.7 billion in the first quarter from P2 billion in the same quarter last year. The Ayala-led listed company also saw an eight-percent rise in revenues for its Philippine and Australian operations, reaching P9.9 billion from January to March compared to last year’s P9.1 billion.
“The company’s solid first quarter result reflects the steady realization of our long term strategy. We will continue to build on this momentum as we focus on excellence in execution,” ACEN president and CEO Eric Francia said.
The strong performance was driven by a 49-percent increase in renewable energy output to 1,590 gigawatt hours (GWh), attributed to an increase in new operating renewables capacity and a strengthened net merchant selling position at the Wholesale Electricity Spot Market in the country. ACEN also credited the contributions of newly operating solar and wind farms, especially in the Philippines and Australia.
However, the year-on-year gains were offset by lower wind output in Vietnam and North Luzon, the sell-down of a stake in Salak & Darajat Geothermal in Indonesia, and lower WESM prices in the Philippines.
Core attributable earnings before interest, taxes, depreciation, and amortization (EBITDA) increased by 32 percent to P5.3 billion in the first quarter, including non-consolidated operating projects. As of the same period, ACEN achieved around 4.8 GW in renewable capacity, surpassing its set target of five GW by 2025.
Total attributable output across ACEN’s facilities worldwide surged by 49 percent to 1,580 GWh due to production from its newly operational plants. The company’s Philippine and international plants delivered 570 GWh and 1,010 GWh, respectively. The increase in Philippine operations was attributed to the commissioning of new solar and wind farms.
