, Philippines
Logo from First Gen.

First Gen's net income up 4% to $277m in 2023

This is despite a 7% decline in revenue.

First Gen Corporation report a 4% year-on-year increase in attributable recurring net income for 2023 to $277m driven by higher electricity prices.

In a disclosure, the company said its subsidiary Energy Development Corp (EDC) saw a 24% surge in recurring income to $119m as its geothermal power plants saw higher sales and operating income due to the rise in power prices.

This offsets the 7% fall in revenue which reached around $2.47b due to the decline in earnings across platforms because of the lower fuel revenues.

ALSO READ: First Gen acquires 165 MW hydropower plant

Aside from this natural gas and liquid fuel prices declined globally. Alongside this, it also saw lower electricity output sold by the natural gas platforms.

Natural gas accounted for 65% of the company’s total revenues, whilst 32% came from EDC’s geothermal, wind and solar plants.

“EDC and First Gen Hydro Power Corporation also had lower sales volumes though partly offset by higher average selling prices.,” it said.

“The Parent likewise contributed to the higher 2023 income as it benefited from higher interest income due to high yields from its internally generated cash,” it said in a statement,” he added.

 

Follow the link for more news on

Join Asian Power community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!