Ayala-led ACEN Corporation reports a decline in the firm’s net income for 2023 at Php 7.4 billion. This represents a 43% reduction compared to the figures from 2022.
In a report by Manila Standard, ACEN said that the figures contain a Php 8.6 billion accounting adjustment resulting from numerous factors. Nonetheless, in the absence of non-cash items, profits surged by 150%, propelled by a roughly threefold rise in core operating earnings.
Moreover, revenues from merged Philippine and Australian businesses saw an increase of 4% to Php 36.5 billion.
The Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) also saw a 31% increase to Php 18.8 billion, including the EBITDA share of the energy firm from separate operating initiatives.
Operating income, or the company’s portion of continuous earnings from both its consolidated and unconsolidated businesses internationally, increased by 81% to Php 8.1 billion. The firm’s core operating earnings also increased to Php 4.9 billion due to the boost in renewables capacity as well as generation output.
Meanwhile, ACEN reported significant gains of Php 4.5 billion in 2023, driven by the Salak & Darajat partial sale. However, the company faced challenges with a Php 2 billion impairment related to the India platform, highlighting the impact of cost overruns and project delays.
In the fourth quarter, the energy firm displayed a sturdy financial performance, with a consolidated net income after tax of about Php 830 million.
Additionally, ACEN’s income from operations experienced a 38% growth, reaching Php 1.9 billion compared to the same period last year. This outcome was primarily driven by strong business performance in the Philippines, Australia, and India.
ACEN looks to achieve 20 gigawatts (GW) in attributable renewables capacity by 2030.