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Manila Bulletin devider Business devider ACEN reports 43% decrease in net income for 2023

ACEN reports 43% decrease in net income for 2023

Published Mar 12, 2024 06:09 am

Ayala-led energy platform ACEN Corp. reported a drop in last year’s net income due to non-cash items in 2022.

In a disclosure to the Philippine Stock Exchange on Tuesday, Mar. 12, ACE said its net income totaled P7.4 billion from January to December 2023, 43 percent lower than in 2022 including the P8.6 billion in accounting adjustments.

Despite the decline due to noncash items like depreciation, amortization, deferred income tax, and the like, the energy company posted a 150 percent increase in profitability because of the core operating earnings.

According to ACEN, its key financial metrics had a large improvement because of “its new operating capacity, stronger wind and solar generation, the resolution of plant curtailments, and strong net merchant selling position at the Philippines’ Wholesale Electricity Spot Market (WESM).”

The energy firm's income from operations both consolidated and nonconsolidated operations on a global scale had P8.1 billion in 2023, which is an 81 percent jump from its previous year.

The core operating earnings on the other hand rose to P4.9 billion due to the new renewable capacity and generation output.

The combined statutory revenues of the Philippine and Australian businesses were recorded at P36.5 billion, a 4 percent increment from 2022.

Another 31 percent increase was found in ACEN’s attributable earnings before interest, taxes, depreciation, and amortization (EBITDA), totaling to nearly P19 billion last year.

Because of the Salak & Darajat partial sale done during the third quarter of 2023, ACEN stated that “[we have also] booked P4.5 billion in gains, inclusive of P3.4 billion in remeasurements.”

To compare, P8.6 billion was included in net noncash items back in 2022 because of the revaluation gains garnered from ACEN Australia.

“This was offset by a P2 billion impairment of the India platform due to the impact of cost overruns and project delays,” ACEN said.

Last year’s combined net income after tax totaled P7.4 billion.

Meanwhile, income from operations between 2022 and 2023 spiked by 38 percent to P1.9 billion because of the contributions generated from new capacity and domestic market benefitting from a consistent net merchant selling position.

Core operating earnings recovered its P1 billion loss that was attributed to headwinds, high power costs, buyout of customer contracts, and Visayan typhoon curtailment.

The current attributable capacity of ACEN by the yearend 2023 is at 4.7 gigawatts (GW), mostly coming from renewable energy (RE).

The worldwide renewables output had a significant 32 percent increase or 4,474 GW-hour (GWh) because of the new partially operational plants and stronger wind resources.

“Supported by its own Green Finance Framework, ACEN once again secured several green term loan facilities in 2023,” ACEN reported.

The consolidated assets also had a 22 percent spike to P285 billion during the yearend throughout the expansion plans.

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