Beefed-up assets boost profit of Ayala’s ACEN
ACEN Corp. saw a 27-percent increase in its earnings last year after it switched on more clean energy facilities, coupled with a drop in expenses.
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 climbed to P9.36 billion from the P7.39 billion posted a year earlier.
The group’s revenues also improved to P37.3 billion, slightly higher than P36.49 billion previously.
ACEN’s core attributable earnings before interest, taxes, depreciation, and amortization also surged by 25 percent to P19.3 billion.
The company’s expenses in the period, which included the cost of purchased power, dropped by 14 percent to P27.35 billion from a year ago’s P31.73 billion.
The Ayala subsidiary also said that its financial position got a boost from its expanded renewable energy portfolio with more facilities activated in 2024. This enabled ACEN to record a 25-percent jump in its renewables output to 5,596 gigawatt hours (GWh).
The volume of energy generated from its new power plants abroad, particularly in Australia, India, and Vietnam, was also 13 percent higher than a year ago.
Some of the facilities added to ACEN’s portfolio in the local market include the Cagayan North Solar, SanMar Solar Phases 1 and 2, Arayat-Mexico 2 Solar, and Capa Wind.
For its international reach, ACEN is confident about gaining more ground in Australia, India, Vietnam, Lao PDR, Indonesia, and the United States on the back of the robust operations of its existing plants and the expected completion of more developments.
ACEN ended 2024 with an attributable renewables capacity of 7 gigawatts (GW)—with 3.3 GW in operation, 2.3 GW under construction, and 1.4 GW of projects in the pipeline.
