Alternergy Holdings Corp. on Thursday reported a turnaround in net income to P121 million from July to December 2023 from P879,000 in the same period in 2022, driven by healthy growth in cash, asset, equity and net income.
Alternergy said in a disclosure to the Philippine Stock Exchange it posted profit in the first semester of its fiscal year 2024, led by the increase in revenues from the testing and commissioning of the Palau solar and battery energy storage system (BESS) project and increased production from the Pililla wind power project.
“Our solid first-half financial result has given us leverage to push our projects at an even more accelerated phase and strategically positions us for our ongoing capital raising efforts,” said Alternergy president Gerry Magbanua.
Magbanua expressed optimism for the coming months, as Alternergy is expected to break ground for the 162-megawatt Alabat and Tanay wind power projects.
“At the same time, generation revenues from the Palau project will be recognized in full in the succeeding months following achievement of commercial operations,” he said.
Alternergy’s total assets grew 31 percent to P6.39 billion from P4.87 billion for the first half of fiscal year 2024, following the P1.45-billion subscription in private placement by the Government Service Insurance System (GSIS) in November 2023.
Alternergy said that with a healthy cash position at P2.26 billion as of December 2023, the company infused funding to its affiliates and subsidiaries to accelerate the project development of the Alabat and Tanay wind projects and Apulid aqua-voltaic solar project and continue supporting the ongoing construction of the 4.6-MW Dupinga and 7.6-MW Ibulao 1 run-of-river power projects in Nueva Ecija and Kiangan, respectively.
The company’s consolidated equity balance surged 57 percent to P4.27 billion from P2.72 billion, improving debt-to-equity (DE) ratio to 0.41x, making Alternergy well positioned for its ongoing capital raising activity.