ACEN earnings zoom in H1

MANILA, Philippines — ACEN Corp. saw its earnings surge in the first six months, driven in part by its wind assets and renewables output.

In a disclosure sent to the Philippine Stock Exchange on Thursday, ACEN posted a consolidated net income that soared 94% on-year to P4.2 billion in the first half, noting they emerged from headwinds they faced a year ago. 

Consolidated revenues grew 28% on-year to P20.5 billion in the first half, driven in part by an uptrend in wind generation and higher operating capacity. Despite price upticks in the spot market, ACEN noted they slid into a net-selling merchant position. 

Earnings before interest, taxes, depreciation, and amortization, advanced 20% to P9.4 billion in the first six months. 

The Ayala Corp.’s listed energy platform domestic operations pitched in P4.1 billion to EBITDA, while its international segment rose to P5.5 billion due in part to the ongoing commission of the ??521 MWdc New England Solar farm in Australia and carbon credit sales in Vietnam.

Total renewables output surged 21% to 2,052 Gigawatt hours in the first half. Generation from their Philippine operations advanced 30% to 568 Gwh in the same period. 

“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,” said Eric Francia, ACEN president and CEO. 

Shares in ACEN currently trade 3.79% up at P5.2 as of 11:18 Thursday morning. — Ramon Royandoyan