ACEN profit up 27% on new renewable energy plants

MANILA, Philippines — Listed ACEN Corp. saw its net income jump by 27 percent last year following the activation of more renewable energy plants.

In a disclosure on Wednesday, the renewable energy arm of the Ayala Group said its net income attributable to the equity holders of the parent company had risen to P9.36 billion from the P7.39 billion posted in the previous year.

The group’s 2024 revenues also improved to P37.3 billion, slightly higher than P36.49 billion in 2023.

ACEN said its strong performance was driven by the 25-percent increase in renewables output in 2024, which had reached 5,596 gigawatt hours.

READ: ACEN to bolster portfolio with 1.2 GW new capacity by end-2025

Plants energized throughout the year contributed 37 percent of core cash flow. In the Philippines, this new capacity also supported the expansion of the company’s net seller position to 1,131 GWh, a 57 percent increase year-on-year.