ACEN Grows Net Income 24% to P8.14B in 9M2024

ACEN’s renewable capacity has grown to almost 7 GW, in line with the strong momentum behind the energy transition in the region. The company continues to focus on execution especially for projects in construction and under development.

ERIC FRANCIA
ACEN President and CEO

ACEN grew its consolidated income by 24 percent year over year to P8.14 billion in the first nine months of 2024. Company performance continued to be driven by newly operational plants, which contributed 40 percent of core attributable EBITDA. This financial expansion was underpinned by a 31 percent growth in attributable renewable energy generation and ACEN’s stabilized, strong net selling position in the Wholesale Electricity Spot Market (WESM).

ACEN’s new renewable energy plants, operationalized earlier in 2024, continued to contribute significantly to year-to-date growth in generation output and in turn financial performance. New plants in the Philippines supported ACEN’s improving net seller position in the WESM and allowed ACEN Renewable Energy Solutions (RES), the company’s retail electricity supply unit, to expand its contracted customer base.

Core attributable earnings before interest, taxes, depreciation, and amortization (EBITDA), which includes ACEN’s share of the same from nonconsolidated operating projects and excludes all one-time items including cash gains, expanded 30 percent to P14.3 billion. Consequently, consolidated net income after tax attributable to the parent increased to P8.14 billion, 24 percent higher than last year. This includes a P1.0 billion gain in the third quarter from the full acquisition of shares in Ayala Land’s Real Estate Investment Trust (AREIT) in exchange for ACEN’s 276-hectare property in Zambales, a transaction approved by ACEN’s and AREIT’s boards and disclosed in November 2023.

ACEN’s global generation portfolio now stands at approximately 6.8 GW. This is comprised of over 3 GW in fully operational assets, 2.3 GW in projects under construction, and committed projects, expected to begin construction in the next 12 months, of over 1.4 GW.

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