ACEN’s net income grows 24% to $138m in 9M 2024

It was driven by newly operational pants. 

Philippine-based ACEN Corporation has recorded a net income after-tax increase of 24% to $138m (PHP8.14b) during the first three quarters of the year (9M 2024) driven by newly operational plants. 

“The output from new plants helped cushion the expected impact of resource seasonality in the third quarter and ensured continued growth in our financial and operational metrics,” Jonathan Back, ACEN’s chief financial officer, said.

ACEN said its net income included a $17m (PHP1b) gain from the full share acquisition in Ayala Land’s Real Estate Investment Trust (AREIT) in exchange for ACEN’s 276-hectare property in Zambales. 

Earnings before interest, taxes, depreciation, and amortisation also increased 30% to $243m (PHP14.3b) during the period. 

ACEN’s renewables capacity stood at 6.8 gigawatts (GW) comprised of over 3 GW fully operational assets, 2.3 GW under construction, and committed projects of over 1.4 GW. 

In 9M 2024, the company's total attributable renewables output across its markets increased 31% to 4,127 gigawatt-hours from last year.