ACEN Corp., the listed energy platform of the Ayala Group, said Wednesday its consolidated net income climbed 34 percent to P2.7 billion in the first quarter of 2024 from P2 billion in the same period last year, owing to a 49-percent rise in attributable renewable energy output.
ACEN said in a disclosure to the Philippine Stock Exchange its revenues, comprised of the consolidated Philippine and Australian businesses, increased 8 percent year-on-year to P9.9 billion for the quarter from P9.1 billion a year ago.
The revenues included P389 million in cash value realization proceeds from the partial sale, at a premium, to Acciona Energia of the company’s loan to The Blue Circle’s Mui Ne Wind project in Vietnam.
“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. Having passed the 5 GW [gigawatt] goal almost two years ahead of schedule, we are in a strong position to realize our vision to reach 20 GW of renewables by 2030,” ACEN president and chief executive Eric Francia said.
Its core attributable earnings before interest, taxes, depreciation and amortization (EBITDA), which includes ACEN’s share of EBITDA from non-consolidated operating projects, grew 32 percent to P5.3 billion from the same quarter last year.
It said key financial metrics in the first quarter improved from the same period last year with the company’s continued ramp up of new operating renewables capacity and the consequent strengthened net merchant selling position at the Wholesale Electricity Spot Market (WESM).
ACEN said these reflected the contributions of new solar and wind farms, especially in the Philippines and Australia, in addition to revenues booked in the first quarter from green certificates in the latter.