Alternergy’s consolidated income surges in fiscal year 2024

Thanks to a 60% jump in revenue.

Alternergy Holdings Corporation has reported a consolidated net income of $2.33m (PHP130m) for the year ended 30 June 2024, a 239% surge from last year.

In a bourse filing, the company said its performance was driven by a surge in revenue, increasing by 60% to $4.91m (PHP275m), particularly from its operating assets. 

The operations of the Palau Solar PV + Battery Energy Storage System Project, which started commercial operations in January 2024, contributed $1.57m (PHP87.3m) in revenues for its first six months of operations.

Meanwhile, the 12.5-megawatt-peak Kirahon Solar Power Plant in Misamis Oriental injected  $3.37m (PHP188m) in revenues for 2024 from $3.10m (PHP173m) in 2023.

The company also saw a surge in other income by 364% to $1.58m (PHP88m), attributed to the project cost recovery from the Palau Project and adept cash management, resulting in higher interest income.

Its earnings before interest, taxes, depreciation and amortisation also grew 72% to $5.71m (PHP320m).

“Our current operating assets are contributing significant margins. We expect that once the ongoing construction of the five projects are completed by 2025, there will be a substantial boost in [Alternergy’s] financial standing,” Alternergy President Gerry Magbanua said.

$1 = PHP55.97