ACEN’s net income up 27% in 2024

Thanks to new renewable plants operationalised last year.

Ayala-led ACEN has reported a net income of $163.122m (PHP9.36b) in 2024, up 27% from the previous year.

In a bourse filing, the company said its full year financial performance was underpinned by fresh generation from new renewable energy plants operationalised within 2024, with core attributable earnings before interest, taxes, depreciation, and amortization (EBITDA) growing 25% to $336.37m (PHP19.3b).

ACEN’s attributable renewables output grew 25% to 5,596 gigawatt-hours (GWh) last year. This was fuelled by generation from plants energised throughout the year, which in turn contributed 37% of core attributable EBITDA. In the Philippines, this new capacity also supported the expansion of the company’s net seller position to 1,131 GWh, up 57% from last year.

Internationally, ACEN generated 3,770 GWh of renewable energy, up 13% from 2023, supported by output from newly operationalised plants in Australia, India, and Vietnam.

The company now has an attributable renewables capacity of 7.0 gigawatts (GW), of which 3.3 GW are in operation, 2.3 GW are under construction, and 1.4 GW to begin construction within the next 12-18 months.

$1  = PHP57.38