Even amid the COVID-19 pandemic, AC Energy managed to post a net income of Php5.6 billion in the first three quarters of 2020, providing a boost to Ayala’s portfolio.
The power generating company’s equity earnings more than doubled due to additional operating capacity in Vietnam, higher profits from commercial operations, and improved thermal availability, including pre-operating revenues from GN Power Kauswagan in Lanao Del Norte.
AC Energy likewise grew its attributable output by 53%, from 2,377 GWh in Jan-Sep 2019 to 3,632 GWh in the same period in 2020.
The company’s listed platform, AC Energy Philippines (ACEN), posted a positive turnaround with a net income of Php2.94 billion in the first nine months of 2020 from a loss of Php281 million in the same period last year. The company currently has around 1,000 megawatts of attributable capacity in the Philippines, including onshore assets infused by parent firm, AC Energy.
As a group, Ayala’s net income for January to September 2020 fell 75% from the previous year’s Php46.2 billion from the combined effects of the pandemic on business operations and divestment gains booked in the previous year.
The group, however, posted higher net income of Php3.4 billion for the third quarter of 2020, up from Php1.3 billion in the second quarter. The improvement in mobility, business operations, and overall economic activity brought about by the gradual easing of quarantine protocols from March to September enabled Ayala’s subsidiaries to perform better on a quarter-on-quarter basis.