ACEN CORP., the listed energy arm of the Ayala Group, saw its attributable net income rise by 27% to P9.36 billion in 2024, driven by higher generation output.
Revenues grew by 2.2% to P37.30 billion from P36.50 billion a year ago, ACEN said in a regulatory filing on Wednesday.
Costs and expenses, meanwhile, declined by 13.8% to P27.36 billion.
“ACEN’s financial results in 2024 demonstrate our ability to convert a robust development pipeline into a renewable energy portfolio that can deliver strong and stable investor returns over the long term. This focus on execution will remain central as we move forward,” said Jonathan Back, chief financial officer and chief strategy officer of ACEN.
During the period, attributable renewable output rose by 25% to 5,596 gigawatt-hours (GWh), driven by generation from plants that were activated throughout the year, despite a decline in Philippine wind generation in the fourth quarter.
The company’s generation output from its Philippine operations rose by 60% to 1,826 GWh, supported by the completion of several renewable energy projects.
For its international operations, ACEN generated 3,770 GWh from its renewable energy plants, an increase of 13% compared to the previous year.
ACEN Renewable Energy Solutions, the group’s Philippine retail electricity arm, expanded its portfolio by 26% to 374 megawatts across 554 customers from various sectors, including industrial, educational, and residential.
To date, the company holds 7 gigawatts (GW) of attributable renewable energy capacity across operational, under-construction, and committed projects.
“ACEN continues to progress toward our goals, notwithstanding the global headwinds impacting the energy transition. The company remains committed to scaling up renewables in the Philippines and across the region,” said Eric T. Francia, president and chief executive officer of ACEN.
At the local bourse on Wednesday, shares in the company declined by 3% to close at P2.91 each. — Sheldeen Joy Talavera
