ACEN earns P1.8 billion from January-September

MANILA, Philippines — Ayala-led ACEN Corp. stays upbeat about its growth momentum with a robust project pipeline despite recording weaker results from January to September.

The company reported an attributable net income of P1.79 billion during the nine-month period, down by 78 percent compared to P8.14 billion a year ago.

Stripping out non-recurring items, net income would have decreased by only 18 percent to P4.3 billion.

The nine-month results were attributed to lower power spot prices in the Philippines and Australia, weaker solar irradiance in core markets and offline wind plants in northern Luzon.

Revenues also contracted, ending 18-percent lower at P23 billion from P28 billion on softer electricity prices and reduced power generation output.

“We continue to build on the momentum across our various markets, with new capacity coming online and a robust pipeline driving future growth,” ACEN president and CEO Eric Francia said.

“We remain focused on scaling our renewables portfolio and accelerating investments in energy storage in particular, with a long-term strategy anchored on disciplined expansion, strong partnerships and delivering sustainable value,” Francia said.

Despite muted results in key markets, ACEN’s attributable renewables output heated up by 16 percent year-on-year to 4,843 gigawatt-hours (GWh), fueled by new contributions from new solar and wind assets.

Renewables output in the country dipped by six percent to 1,305 GWh due to the wind turbine outages in Ilocos Norte.

The company’s international assets, however, offset the drop in the home market, with renewables output sizzling by 26 percent to 3,539 GWh.

ACEN chief finance officer and chief strategy officer Jonathan Back said the company would drive its projects forward with precision, even amid rising cost pressures and market volatility.

“We remain focused on optimizing margins, strengthening our balance sheet and ensuring that our operational cadence supports long-term value creation. The fundamentals of our business remain sound, and we are well-positioned to deliver on our commitments,” Back said.

ACEN, the Ayala Group’s listed energy platform, is positioning itself as one of the fastest-growing renewable power platforms in Asia Pacific. Besides the Philippines and Australia, it also has a significant presence in Vietnam, India and Laos.