ACEN Corp. booked a 224-percent jump in net income for the first quarter to P2.4 billion P752.4 million in the same period in 2022.
The company said in a disclosure to the Philippine Stock Exchange yesterday growth was mainly due to the absence of “short-term headwinds” encountered last year as well as the decision to move its power plants to a modest net selling merchant position.
ACEN also recorded a 23 percent increase in its consolidated revenues to P9.1 billion from P7.4 billion, attributed to higher net generation due to better wind resources as well as the start of commissioning of new power plants in the Philippines and in Australia.
“After weathering several challenges in 2022, we began the year with encouraging results brought about by the growth in generation output. We expect to grow our net selling merchant position further, with more capacity scheduled to come online in the second half of the year. As our renewable energy investments begin to bear fruit, ACEN is now on a stronger footing as we continue working towards our aspiration of reaching 20 gigawatts (GW) of renewables by 2030,” said Eric Francia, ACEN president and chief executive officer, in a statement.
