AC Energy registered solid earnings notwithstanding the pandemic with a net income of ₱5.6 billion for the first nine months of 2020, providing a boost to Ayala’s portfolio.
The company’s equity earnings more than doubled due to additional operating capacity in Vietnam, higher profits from commercial operations, and improved thermal availability, including pre-operating revenues from GN Power Kauswagan. AC Energy also grew its attributable output by 53%, from 2,377 GWh in Jan-Sep 2019 to 3,632 GWh in the same period in 2020.
AC Energy’s listed platform, AC Energy Philippines (ACEN), posted a net income of ₱2.94 billion in the first nine months of 2020 coming from a net loss of P281 million in the same period last year. The company currently has ~1,000 MW of attributable capacity in the Philippines, including onshore assets infused by parent, AC Energy.
As a group, Ayala’s net income for January to September 2020 fell 75% from the previous year’s P46.2 billion from the combined effects of COVID-19 on business operations and divestment gains booked in the previous year. However, the group posted higher net income of ₱3.4 billion for Q3 2020 vs ₱1.3 billion in the previous quarter. The improvement in mobility, business operations, and overall economic activity brought about by the gradual easing of quarantine protocols from March to September enabled Ayala’s subsidiaries to perform better on a quarter-on-quarter basis.