AC Energy Corp. said Tuesday net income surged to P3.869 billion in 2020 from P132.873 million in 2019.
ACEN said in a disclosure to the stock exchange revenues went up 27 percent last year to P20.439 billion from P16.11 billion in 2019 ,while cost and expenses remained steady at P16 billion.
The company said it was able to reduce costs on higher plant availability compared to 2019 when plant availability was lower and spot market purchases were higher.
Total assets also climbed to P63.575 billion in 2020 from P48.537 billion in 2019, while liabilities amounted to P42.22 billion, up from P32.152 billion in 2019.
ACEN invested significant amount in various projects last year, including P3.321 billion for the 120-megawatt solar farm project in Alaminos, Laguna through subsidiary Solarace1 Energy Corp.; P464.75 million for the 150-MW diesel-fired power facility in Pililia, Rizal through subsidiary Ingrid Power Holdings Inc. and P1.658 billion for the 60-MW solar power project in Palauig, Zambales through subsidiary Gigasol 3 Inc.
ACEN also invested P105.18 million for the 5-MW solar project in Mariveles Bataan through Bataan Solar Energy Inc.
