Alternergy reports 239% profit surge, on track for 500-MW goal

September 26, 2024
10:50AM PHT

Alternergy Holdings Corp. (ALTER) reported a significant financial boost, with its net income jumping 239 percent to P130 million by the end of its 2024 fiscal year last June.

This strong growth is mainly driven by a 60 percent rise in revenues, hitting P275 million, thanks to its expanding portfolio of energy projects.

A major contributor was the Palau Solar PV and Battery Storage Project, which began operations last January. In just six months, this project added P87.3 million in revenue. 

Meanwhile, ALTER's 12.5 MWp Kirahon Solar Power Plant in Misamis Oriental continued to perform well, posting P188 million in revenue for 2024, an increase from P173 million in 2023, due to favorable summer conditions.

Vicente S. Pérez Jr.
ALTER Chair 

Management’s view 

“Alter posted strong performance for the second time in a row after our public listing. Our current operating assets are contributing significant margins,” company president Gerry P. Magbanua said in a statement on Thursday. 

“We expect that once the ongoing construction of the five projects is completed by 2025, there will be a substantial boost in ALTER's financial standing,” he added. 

“We are confident and committed to pushing forward the 500 MW by 2026 target as set,” said ALTER chair and former Energy Secretary Vicente S. Pérez Jr. in the same statement. 

Gerry P. Magbanua
ALTER President 

Huge cash boost 

ALTER also saw a dramatic 364 percent increase in other income, rising to P88 million from a previous loss of P33 million. This was attributed to project cost recovery from the Palau Project and better cash management, leading to higher interest earnings.

The company’s earnings before interest, taxes and deprecation saw a sharp increase, growing by 72 percent to P320 million. At the same time, cash reserves strengthened significantly, standing at P3.3 billion, up 167 percent from P1.2 billion, bolstered by a private share placement and a green corporate loan secured last May.

Expansion continues

ALTER total assets surged by 79 percent to P8.7 billion, which allowed the company to accelerate the development of several projects, including the Tanay and Alabat Wind Power Projects, the Solana Solar Power Project, and the Liberty Aqua-voltaic Solar Project. 

The company also continued building two hydroelectric projects, the Dupinga (4.6 MW) and Kiangan (7.6 MW) facilities.

ALTER is currently constructing five renewable energy projects with a total capacity of 242 MW, aiming to strengthen the country’s energy supply by 2025. 

These projects are expected to play a key role in meeting the government’s target of 35 percent renewable energy capacity by 2030.

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