Alternergy recovers to post P38-million profit

By Alena Mae S. Flores – October 16, 2023, 7:02 pm
from manilastandard.net

Alternergy Holdings Corp. said Monday it posted a consolidated net income of P38 million for the fiscal year ended June 2023 on increased revenues, recovering from a net loss of P145.2 million  in the same period last year.

Alternergy said in a report to the Philippine Stock Exchange (PSE) its  cash ballooned by 113 percent to P1.2 billion as of June 2023 boosted by the proceeds from the initial public offering (IPO) in March.

The company  allocated P720 million for the pre-development of six renewable projects totaling 183 megawatts from its IPO proceeds.

This resulted in consolidated assets surging by 41 percent to P4.9 billion from P3.4 billion as continued investments were injected into the group’s three projects under construction.

These projects are the solar farm and battery project in Palau and two run-of-river hydro projects in Nueva Ecija and Ifugao.

“Our initial year as a publicly listed company sets further growth in the coming years as we roll out our pipeline of projects,” Alternergy president Gerry Magbanua said.

Magbanua said the company reached new heights in 2023 as the first company to go public.

Alternergy also entered the international landscape with the completion of the solar PV and battery energy storage system (BESS) project in Palau.

The 13.2-MW Palau solar farm and battery project is on schedule to achieve commercial operations by the fourth quarter.

“The project will meet more than 20 percent of Palau’s energy needs,” Magbanua said.