ALTER income climbs 28% on RE gains

Alternergy Holdings Corp. (ALTER), led by former Energy chief Vicente Perez, recorded a 28 percent increase in net income to P165 million on the back of higher contributions from its operating renewable energy projects.

In a stock exchange report on Wednesday, the company’s net income improved from P130 million in 2024 and more than quadrupled from P38 million in 2023. Revenues also climbed 31 percent to P360 million, compared with P275 million in 2024 and P171 million in 2023.

Earnings before interest, taxes, depreciation, and amortization rose 29 percent to P399 million, from P310 million in 2024 and P180 million in 2023. Altenergy follows a fiscal year that runs from 1 July to 30 June.

“Our operating assets continue to contribute significant margins. We expect that once the ongoing construction of the four projects is completed by the end of 2025 and early 2026, there will be a substantial boost in ALTER’s financial standing,” ALTER President Gerry P. Magbanua said.

As of June, Alternergy’s consolidated assets more than doubled to P17.9 billion from P8.7 billion a year earlier, driven by the construction of its 4.6 megawatts (MW) Dupinga run-of-river hydro, 28 MW Solana Balsik solar, 128 MW Tanay wind, and 64 MW Alabat wind projects.

The company also reported a cash position of P6 billion, accounting for 35 percent of total assets, which will be deployed to fund the ongoing projects targeted for completion between the fourth quarter of the year and the first quarter of next year.