Philippines’ First Gen posts 52% net income growth

Its attributable recurring net income stood at US$89m. 

Philippine-based energy company First Gen Corporation reported its attributable recurring net income grew by 52% to US$89m in the first quarter. 

Over the same period, the company’s revenues climbed by 14% to US$652m, driven by elevated fuel and Wholesale Electricity Spot Market prices as well as an increase in the volume of electricity sales. 

Read more: Philippines’ First Gen posts 5% recurring net income growth

“2023 is off to a promising start for First Gen as the portfolio benefits from the strong performance of almost all of its platforms. The awaited LNG Terminal is likewise on its way to commercial operations as we head towards commissioning this quarter," The operation of the LNG Terminal should be beneficial not just for our portfolio, but for the grid in general as we will no longer be solely reliant on Malampaya gas for our operations,”  

The natural gas portfolio accounted for 61% of First Gen’s total consolidated revenues while 35% came from Energy Development Corporation’s (EDC) geothermal, wind, and solar plants. The remaining 4% balance comes from the Company’s hydro plants