First Gen's net income up 4% to $277m in 2023

This is despite a 7% decline in revenue.

First Gen Corporation report a 4% year-on-year increase in attributable recurring net income for 2023 to $277m driven by higher electricity prices.

In a disclosure, the company said its subsidiary Energy Development Corp (EDC) saw a 24% surge in recurring income to $119m as its geothermal power plants saw higher sales and operating income due to the rise in power prices.

This offsets the 7% fall in revenue which reached around $2.47b due to the decline in earnings across platforms because of the lower fuel revenues.

ALSO READ: First Gen acquires 165 MW hydropower plant

Aside from this natural gas and liquid fuel prices declined globally. Alongside this, it also saw lower electricity output sold by the natural gas platforms.

Natural gas accounted for 65% of the company’s total revenues, whilst 32% came from EDC’s geothermal, wind and solar plants.

“EDC and First Gen Hydro Power Corporation also had lower sales volumes though partly offset by higher average selling prices.,” it said.

“The Parent likewise contributed to the higher 2023 income as it benefited from higher interest income due to high yields from its internally generated cash,” it said in a statement,” he added.