ACEN booked a 94 percent surge in its net income attributable to equity holders of the parent company in the first half of the year to P4.2 billion from P2.18 billion in the same period in 2022.
The company attributed this to the stronger wind regime throughout the period and higher operating capacity with testing and commissioning of new projects, which allowed ACEN to achieve a net selling merchant position amid strong prices in the Philippine Wholesale Electricity Spot Market.
ACEN recorded a 28- percent growth in consolidated revenues for the period to P20.5 billion from P15.97 billion.
The company reported a rise in overhead expenses as it ramped up manpower in support of the acceleration of its renewable energy expansion.
“Our growth continues to be robust midway through 2023. We’ve made considerable progress with the continued ramp-up of our projects, helping provide much-needed supply to the Philippines and across the region. This has transitioned us to a net selling position in the Philippine spot market and strengthened our financial performance,” said Eric Francia, ACEN president and chief executive officer, in a statement.
