Philippines’ First Gen posts 5% recurring net income growth

Its net income stood at US$265m. 

Philippines’ First Gen Corporation reported its attributable recurring net income grew by 5% to US$265m in 2022.

The company linked this to its renewable platforms, namely geothermal and hydro, which delivered higher earnings as a result of better operating income and lower interest expense. 

“First Gen managed to produce better earnings for 2022, despite lower earnings in the first nine 

months. We saw EDC make a strong recovery from the better performance of its geothermal plants, whilst the hydro platform delivered stable income,” First Gen President and COO Francis Giles B. Puno said.

“The natural gas platform was able to contain its fuel supply curtailment issues from Malampaya, and was able to sell more power in 2022. This led to a minimal decline in net income in the gas portfolio.” 

Read more: Philippines’ First Gen net income drops 13% in H1

Over the same period, revenues grew by 23% to US$2.667b, largely due to an increased volume of electricity sales, and elevated fuel and Wholesale Electricity Spot Market prices. 

The natural gas portfolio accounted for 66% of First Gen’s total consolidated revenues, while 31% came from Energy Development Corporation’s (EDC) geothermal, wind, and solar plants. The remaining 3% comes from the Company’s hydro plants.