The past year may have been tough for many businesses, including those in the energy sector, but things appeared to be a lot different for AC Energy (ACEN), in a positive way.
In a disclosure to the Philippine Stock Exchange on Tuesday, the Ayalas’ power generating arm recorded a 2,812% jump in its net income for 2020 at Php3.87 billion from Php133 million in 2019 due to higher electricity sales.
Revenues from electricity sales rose by 26% to Php20.3 billion last year from Php16.1 billion previously.
The company likewise posted a net income attributable to parent firm equity holders of Php3.75 billion last year, 65 times higher compared to the Php57.7 million figure year-on-year.
Total assets improved by 31% to Php63.6 billion from Php48.5 billion, while total liabilities rose by 31.3% to Php42.2 billion from Php32.2 billion.
In September 2019, AC Energy won two contracts worth 310 megawatts (MW) from the Manila Electric Company (MERALCO) through a competitive selection process.
On Monday, parent firm Ayala Corporation announced that AC Energy was divesting from its ownership in the 540MW GNPower Kauswagan venture, Mindanao’s largest coal plant project. Late last year, ACEN said that it was dropping coal from its power generation portfolio, so it can focus on achieving its five-gigawatt renewables target by 2025.