ACEN Corp., the listed renewable energy platform of the Ayala Group, said Thursday its consolidated net income jumped 49 percent to P6.3 billion in the first half of 2024 from a year ago.
ACEN said in a disclosure to the Philippine Stock Exchange this strong financial performance was propelled by 42-percent growth in attributable renewable energy generation and improved net selling position in the Wholesale Electricity Spot Market.
The company said it delivered strong financial results in the first half due to the addition of new operating capacity from several renewable energy plants in its major markets.
“We have strong momentum on the back of a robust increase in operating earnings and steady progress with our project pipeline. We have won several new projects that we expect to add to our capacity within the next six to twelve months. We remain on track with our goal of achieving 20 GW of renewables capacity by 2030,” ACEN president and chief executive Eric Francia said.
ACEN said that with the additional generated output from these new plants, core attributable earnings before interest, taxes, depreciation and amortization (EBITDA), which considers ACEN’s share of EBITDA from non-consolidated operating projects and excludes all one-time items including cash gains, grew 21 percent from the same period last year to P10.1 billion.
Consolidated net income after tax attributable to the parent in turn grew to P6.3 billion, a 49-percent increase over the first half of 2023.
This amount included P1.4 billion in net value realization gain from the partial repayment in the first quarter of the company’s loan, at a premium, originally extended for the Mui Ne Wind project in Vietnam, and the completion of the sale of 100 percent of ACEN’s shares in the Sidrap wind farm in Indonesia in April.
Net income attributable to parent for the first half was P4.9 billion excluding value realization, increasing 21 percent year on year.
“We have begun to see the results of our emphasis on expediently bringing more of our portfolio into operation. With our newly-operationalized plants already contributing significantly, we can expect to see solid results for the remainder of the year. Our healthy balance sheet and robust EBITDA also help ensure that we remain well positioned to execute on ACEN’s strong growth opportunities,” ACEN chief finance officer and chief strategy officer Jonathan Back said.
ACEN’s attributable renewables capacity stood at 4.8 gigawatts across its global portfolio as of end-June 2024. Around 69 percent of this capacity, or about 3.3 GW, is already fully or partially operational.
The company said that with over 1 GW of signed agreements and competitive tenders won, it has effectively surpassed its goal of building a portfolio of 5 GW of renewable energy capacity ahead of its end-2025 target.
