Philippines’ ACEN net income climbs 25% in Q2

Its net income stood at P1.8b during the quarter.

Philippine-based ACEN reported its net income grew by 25% year-on-year to P1.8b in the second quarter of 2022.

This brings its first half net income to P2.2b, down 19% compared to the same period in 2021.

“The Philippine business has returned to profitability as we start to recover from short-term headwinds experienced in the first quarter of the year,” ACEN CFO & Treasurer Cora Dizon said.

“With fresh contributions from our newly operational solar and wind farms, ACEN continues to reap the returns of its aggressive expansion both within the country and abroad.”

The company linked its profitability to the new Philippine and International plants, as well as the easing of curtailment issues in Visayas.

In the first half of 2022, ACEN’s attributable output grew by 11% to 2,482 gigawatt-hours (GWh), driven by an increase in the operating capacity of its wind farms in Vietnam and solar plants in India.

Its generation also grew due to its international plants, which produced some 1,200GWh output, up 48%YoY; whilst its renewable energy plants produce nearly 1,700GWh, a growth of 52%.

“We’re delighted to see the strong rebound in the second quarter, which helps generate momentum as the company sets out its bold ambition to reach 20 GW of renewables by 2030,” ACEN President & CEO Eric Francia said.

“A significant part of this growth will be in the Philippines, and this is in line with the new government’s focus to aggressively expand the country’s renewables capacity.”