ACEN Corp. booked a 27 percent increase in consolidated net income after tax attributable to the parent at P9.4 billion in 2024 from P7.4 billion in 2023.
The company said in a disclosure on Wednesday the growth was driven by new generation capacities from new renewable energy (RE) plants operationalized in 2024.
ACEN said its attributable renewables output for the period went up by 25 percent to 5,596 gigawatt hours (GWh) from the previous 4,474 GWh, despite Philippine wind generation in the fourth quarter of 2024 being tempered by offline wind turbines as a result of November’s Typhoon Marce.
The company’s revenues for the period also rose by 2.2 percent to P37.3 billion from last year’s P36.5 billion.
“ACEN continues to progress toward our goals, notwithstanding the global headwinds impacting the energy transition. The company remains committed to scale up renewables in the Philippines and around the region,” said Eric Francia, ACEN president and chief executive officer.
Jonathan Back, ACEN chief financial officer and chief strategy officer, said ACEN’s financial results in 2024 demonstrate the company’s “ability to convert a robust development pipeline into a renewable energy portfolio which can deliver strong and stable investor returns over the long-term.”
“This focus on execution will remain central as we move forward,” Back added.
ACEN as a group aims to increase its RE capacity to 20,000 megawatts by 2030 and to become a Net Zero greenhouse gas emissions company by 2050.
Apart from the Philippines, ACEN has projects in Australia, India, Lao PDR, United States, Indonesia, Malaysia, Vietnam, Bangladesh and Taiwan.
