Noncash items weigh on ACEN net

ACEN Corp. said Tuesday that its net income dropped by 43 percent to P7.40 billion last year, from P13.10 billion in 2023, “due to a significant reduction in noncash items” from 2022.

In a statement, the listed energy platform of the Ayala group said that 2022 net income had included P8.6 billion “in accounting adjustments from various events in that period.”

Higher expenses involving various projects also weighed on the 2023 result, it said.

Taking out the impact of noncash items, “profitability increased 150 percent yearover-year,” the company said.

“We look forward to 2024 with full commercial operations of newly commissioned plants, a continually growing pipeline, and in turn, continued progress toward our aspiration to achieve 20 gigawatts (GW) in attributable capacity by 2030,” said Eric Francia, ACEN president and chief executive officer.

Revenues last year rose 4 percent to P36.5 billion, from P35.24 billion in 2022, on stronger wind and solar generation, among others.

ACEN said its attributable capacity was now more than 4.7 GW, with renewables accounting for 99 percent. Of this, 37 percent was now fully operational, 28 percent partially operating and 35 percent remained under construction.

Total attributable renewables output across its facilities worldwide rose by 32 percent to 4,474 gigawatthours (GWh) last year.

Renewables generation stood at 1,137 GWh locally, up 34 percent year on year and driven by stronger wind resources. Overseas, ACEN delivered 3,328 GWh in attributable generation, up 31 percent from 2022.

On Tuesday, ACEN shares fell by 3.7 percent to P3.90 each amid a 0.11-percent uptick in the benchmark Philippine Stock Exchange index.