Acen 9-mo income grew 22% as consumer demand picked up
AC Energy Corp. (Acen) saw a 22-percent year-on-year surge in its consolidated net income for the January to September period, hitting P4.3 billion this year compared to P3.5 billion in 2020.
The Ayala group’s power generation arm said such numbers were in tune with a 24-percent jump in revenues to P18.9 billion as well as a 17-percent growth in attributable electricity output to 3,378 gigaWatt-hours.
Acen attributed this performance to the continued recovery of electricity demand in Luzon, as well as the growth in new operating capacity from recent acquisitions and greenfield projects.
“Acen continues to be a direct beneficiary of the steady resurgence in consumer confidence in both the Philippines and the Asia-Pacific [region],” company president Eric Francia said in a statement.
“The company continues to aggressively roll out renewable energy investments in the Philippines and across the region, and is well-positioned to address the tightening supply-demand dynamics, as electricity demand continues to recover and fossil fuels become more expensive,” Francia added.
In proportion to its interest in various domestic and overseas projects, Acen has under its belt a total of 2,875 megawatts of generating capacity. Of this, about two-thirds or 1,908 MW is already operating.The portfolio continues to grow as Acen over the past few weeks announced various acquisitions, albeit still subject to regulatory conditions. This year, the company also started construction of at least five power facilities.
“Acen’s robust financial and operating performance is largely driven by various capacity expansion initiatives, which are well-supported by the company’s strong balance sheet,” Acen chief finance officer Cora Dizon said.
“Our recent $400-million fixed-for-life perpetual green bond offering, in addition to our previous equity issuances and liability management deals, further ensure our ability to grow the business, in line with our strategic plans,” Dizon added.
