ACEN Corp.’s net income in the first half ballooned by 94 percent year-on-year to P4.2 billion on the back of higher revenues, which rose by 28 percent year-on-year to P20.5 billion.
Attributable earnings before interest, taxes, depreciation, and amortization , which includes ACEN’s share of EBITDA from non-consolidated operating associates and joint ventures, rose 20 percent to P9.4 billion in the first half. Total attributable renewables output showed double-digit growth, rising 21 percent to 2,052 gigawatt hours in the first half of 2023, without the impact of the Visayas curtailment experienced in the previous year.
Consolidated assets rose to P242.7 billion, while long-term investments grew 19 percent to P130.7 billion as the company continued to scale up its renewables portfolio, with 2.7 GW currently under construction. Total liabilities grew by 15 percent to P95.5 billion with more borrowings to fund renewables expansion during the period. Nevertheless, the company’s leverage ratios remain strong at a gross debt-to-equity ratio of 0.52x and net D/E of 0.29x.
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