Newly-listed company Alternergy Holdings Corp. has registered a Php 12.8 million net income for the first quarter of 2023.
The recorded income is a significant turn from the Php 271 million loss recorded in the same period in 2022, the company said in its disclosure to the Philippine Stock Exchange (PSE).
The increase was attributed to the acquisition of Kirahon Solar Energy (KSEC) in June 2022 – which brought it around Php 41 million as part of consolidation activities.
Supported by the proceeds of their initial public offering (IPO) amounting to Php 1.62 billion, Alternergy recorded consolidated revenues of Php 41 million.
Alternergy also registered Php 47 million in earnings before interest, taxes, depreciation, and amortization (EBITDA).
A total of Php 720 million from the IPO was allocated to the development of six renewable projects, with a combined capacity of 183 megawatts (MW) under Alternergy’s Triple Play strategy which includes wind, solar, and hydro projects.
Meanwhile, Php 522 million was allocated to setting liabilities on the acquisition of the majority control of KSEC’s 12.5 megawatt-ac (MWac) Kirahon Solar Farm.
Php 157 million was also allotted for general working capital requirements.
During the period between June 2022 and March 2023, Alternergy witnessed a significant surge in its consolidated assets, a 47% increase to reach a total of P4.8 billion. The growth was attributed to the substantial investments made in the company’s three projects, including a solar battery project in Palau and two river hydro projects located in Ifugao and Nueva Ecija, collectively boasting a capacity of 35 MW.
Over the next five years, Alternergy has set its sights on expanding its portfolio by adding 1,370 MW of offshore wind, solar, wind, and hydro projects to its portfolio.