Philippines’ ACEN net income climbs to US$36m in Q1

This is up by 5 times compared to the previous year. 

Ayala-owned ACEN reported its net income grew 5 times year-on-year to US$36.1b (P2b) in the first quarter of the year.

Over the same period, consolidated revenues grew by 23% to P9.1b (US$164.5b), largely due to the higher net generation due to better wind resources. This was also driven by the commissioning of new power plants in the Philippines and Australia. 

Read more: ACEN net income reaches US$236m in 2022

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

“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 GW of renewables by 2030.”