Alternergy Holdings Corporation (Alternergy) has reported a significant financial turnaround in the current fiscal year, posting a profit of P38 million, a stark contrast to a net loss of P145.2 million in the same period last year.
The company’s cash balance also witnessed a substantial increase, surging by 113% to P1.2 billion. This boost was primarily driven by the proceeds generated from its initial public offering (IPO) in March this year.
The successful debut on the Philippine Stock Exchange (PSE) significantly bolstered Alternergy’s financial resources. This enabled the company to provide funding for its planned projects aimed at expanding its portfolio of renewable energy (RE) capacities.
The company allocated P720 million from the IPO proceeds for the pre-development of six renewable projects, totalling 183 megawatts, encompassing wind, solar, and hydro projects.
Alternergy Chairman Vincent S. Perez stated, “In the upcoming two years, we will be actively engaged in constructing our wind and solar projects while also finalizing the construction of our run-of-river hydro projects.”
The pioneering RE firm also reported a 41% growth in consolidated assets, reaching P4.9 billion by the end of June this year, compared to a leaner P3.4 billion in the same period in 2022. Key performance indicators (KPIs) also showed substantial improvement.
Total equity increased by 138% to P2.72 billion, and the debt-to-equity ratio improved to 0.66x, down from 1.38x previously. Liabilities declined due to the repayment of payables and a bank working capital facility, while earnings before interest, taxes, depreciation, and amortization (EBITDA) reached a positive P180 million this year, compared to P23.3 million a year ago.
Continued investments are being channeled into three ongoing RE developments, including a solar farm and battery project in Palau, as well as two run-of-river hydropower projects in Ifugao and Nueva Ecija.
Alternergy is anticipating the completion of the 13.2-megawatt(ac) Palau solar farm installation with battery storage, which is scheduled to begin commercial operations in the fourth quarter of this year.
Alternergy President Gerry P. Magbanua sees the Palau project as a significant investment venture in an offshore market. This marks a milestone for Alternergy as it enters the international landscape. Magbanua noted that the project would meet more than 20% of Palau’s energy needs and emphasised that their initial year as a publicly listed company sets the stage for further growth in the coming years as they advance their pipeline of projects.