Higher RE output lifts ACEN’s Q1 income

ACEN Corp., the listed energy arm of the Ayala group, said its first-quarter attributable net income climbed by 34% to P2.72 billion from P2.03 billion the previous year, driven by contributions from its newly operational solar and wind farms.

The company’s combined revenues climbed to P9.85 billion, up by 7.8% from P9.14 billion in the first quarter last year, ACEN said in a regulatory filing on Wednesday.

ACEN attributed the company’s first-quarter results to its renewable energy (RE) output, which soared by 49% to 1,580 gigawatt-hours (GWh), reflecting the contributions from newly operational solar and wind farms in the Philippines and Australia.

As of end-March, ACEN has reached around 4.8 GW in attributable renewable energy capacity, including over 1 GW of signed agreements and secured competitive tenders.

“As we delivered 1.6 GW in new operating capacity at the start of the year, our commitment to execution is beginning to realize benefits with solid core operating results. Backed by a robust balance sheet and strong strategic partnerships, ACEN’s performance in the first quarter augurs well for the rest of 2024 and the achievement of our long-term goals,” said ACEN Chief Financial Officer Jonathan P. Back.

To date, ACEN has already achieved its 2025 goal of reaching 5 GW of renewable energy capacity, of which 65% is fully operational.

In the Philippines alone, ACEN’s energy plants generated 570 GWh in the first quarter, climbing by 83% year on year, while overseas, the company generated about 1,010 GWh in attributable energy output, higher by 35%.

For the year, ACEN said it is earmarking P72 billion for its capital expenditure budget to fund the company’s international operations and energy projects in the Philippines.

Currently, ACEN holds around 4,700 megawatts (MW) of attributable capacity across the Philippines, Vietnam, Indonesia, India, and Australia.

At the stock exchange on Wednesday, shares in the company gained two centavos or 0.48% to end at P4.18 apiece. — Ashley Erika O. Jose