AC Energy sees tripling of income

By Jordeene B. Lagare – April 20, 2021
from The Manila Times

AC Energy Corp. is banking on the infusion of international assets and the recent fund raising activities to bolster its bottom line by over threefolds.

“The planned infusion of the international assets and the recent fund raising will further grow the company’s balance sheet by about three and a half times,” said AC Energy Chairman Fernando Zobel de Ayala during the listed firm’s annual stockholders meeting held virtually on Monday.

AC Energy booked consolidated net income of P3.869 billion in 2020, a turnaround from the P132.873 million a year ago.

Consolidated revenues climbed to P20.439 billion from P16.114 billion that largely came from the sale of electricity.

Consolidated net income attributable to the equity holders of the parent company stood at P3.753 billion from P57.654 million.

Ayala largely accounted the company’s 2020 financial performance to the improvement of operating efficiencies and reliability, the improvement of operating margins, and the acquisition of additional stakes in local renewable projects.

Despite the difficult year, Ayala told AC Energy stockholders the company earmarked P10 billion in capital expenditures (capex) and initiated power projects in Luzon.

Of the total amount, AC Energy invested P7.4 billion to acquire North Luzon Renewables Energy Corp.’s wind farm project in Ilocos Norte, as well as solar farms of Negros Island Solar Power Inc. (Islasol) and San Carlos Solar Energy Inc. (Sacasol) in Negros Occidental.