AC Energy’s 9-month net earnings hit P4.3b

By Alena Mae S. Flores – November 04, 2021 at 07:15 pm
from manilastandard.net

AC Energy Corp. said Thursday consolidated net income attributable to parent company jumped 22 percent in the first nine months to P4.3 billion from P3.5 billion in the same period last year.

“ACEN continues to be a direct beneficiary of the steady resurgence in consumer confidence in both the Philippines and the Asia-Pacific.

The company continues to aggressively roll out renewable energy investments in the Philippines and across the region, and is well-positioned to address the tightening supply-demand dynamics, as electricity demand continues to recover and fossil fuels become more expensive,” AC Energy president and chief executive Eric Francia said.

Net income reached P6.373 billion in the first nine months, up 23 percent from P5.163 billion in the same period last year. “Net income growth was mainly driven by the growth in operating capacity from acquisitions made in 2020 as well as recently completed renewable energy projects,” the company said in a disclosure to the stock exchange.