ACEN 1H Net Income Grows 49% to P6.3B

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 12 months. We remain on track with our goal of achieving 20 GW of renewables capacity by 2030.

ERIC T. FRANCIA
ACEN President and CEO

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.

JONATHAN BACK
ACEN CFO and Chief Strategy Officer

Read the full disclosure and press statement on the company website or PSE Edge.

ACEN, the listed renewable energy platform of the Ayala group, reports that its consolidated net income rose to P6.3 billion for the first half of 2024, a 49 percent increase year on year. This continued strong financial performance was propelled by 42 percent growth in attributable renewable energy generation and a further improved net selling position in the Philippine Wholesale Electricity Spot Market.

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 27 percent over the same period last year to P10.6 billion.

Consolidated net income after tax attributable to the parent, in turn, grew significantly to P6.3 billion, a 49 percent increase over the first half of 2023. This amount includes 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. Excluding value realization, net income attributable to parent for the first half of 2024 was P4.9 billion, increasing 21 percent year on year.

As of June 30, ACEN’s attributable renewables capacity stood at around 4.8 GW across its global portfolio. Sixty-nine percent of this capacity, or approximately 3.3 GW, is already fully or partially operational. With over 1 GW of signed agreements and competitive tenders won, ACEN has effectively surpassed its goal of building a portfolio of 5 GW of renewable energy capacity ahead of its end-2025 target. Total attributable renewables output across ACEN’s markets, supported by the operationalization of several plants over the last six months, amounted to 2,908 GWh, a 42 percent increase year on year.