First Gen income down 12% in 2024 to $245M

First Gen income down in 2024 as expenses outstripped revenues. 

MANILA, Philippines – Lopez-led First Gen Corp. said its attributable recurring net income amounted to $245 million (P14 billion) in 2024, down by 12 percent from $277 million (P15.4 billion) in 2023 due to lower revenues and higher expenses.

In a disclosure on Friday, the listed company said consolidated revenues dropped by 3 percent to $2.408 billion (P137.3 billion).

The natural gas portfolio comprised 65 percent of First Gen’s top line, while the subsidiary Energy Development Corp.’s geothermal, wind, and solar plants accounted for 32 percent. The remainder came from the firm’s hydro business unit.

“First Gen is forging ahead on many fronts to crystallize the uniqueness and value of our clean and renewable portfolio. We are committed to finding solutions to help address the country’s critical issue of energy security,” First Gen President and COO Francis Giles Puno said.

The company said it would receive the seventh liquefied natural gas (LNG) cargo for its terminal in Batangas province.

“We expect LNG supply deliveries in April and May to address the increased electricity demand during the hot summer months,” Puno said.

Although the firm expects to benefit from the newly enacted Natural Gas Law, it is reviewing options for the 1,000-megawatt Santa Rita power purchase agreement which expires in August.

Meanwhile, First Gen is focused on completing its geothermal drilling campaign and the commissioning of its growth project.