AYALA-LED AC Energy Corp. (ACEN) booked a net income of P3.87 billion last year, around 29 times higher than what it earned a year earlier on the back of higher electricity sales.

In a filing to the local bourse on Tuesday, ACEN said revenues from electricity sales rose 26.01% to P20.28 billion in 2020. It noted that the cost of selling electricity decreased 12.3% to P13.42 billion during the year.

The firm also recorded a net income attributable to parent firm equity holders of P3.75 billion last year, 65 times higher than the P57.65 million posted in 2019.

Total assets improved by 30.98% to P63.58 billion, while total liabilities rose by 31.31% to P42.22 billion.

On Monday, ACEN’s parent firm Ayala Corp. said that its unit AC Energy and Infrastructure Corp. would be transferring its indirect ownership interest in Mindanao’s biggest coal-fired power plant project to its partner and affiliates.

Ayala Corp. said that AC Energy had signed a divestment agreement with Power Partners Ltd. Co. and certain affiliate companies for the coal project in Kauswagan, Lanao del Norte.

The transaction is in line with AC Energy’s effort to rebalance its portfolio as it targets to achieve at least five gigawatts of renewable energy capacity by 2025, according to the parent firm.

Shares of Ayala Corp. in the stock exchange improved 2.37% or P18 apiece on Tuesday. Meanwhile, shares of ACEN in the local bourse inched down 3.11% or 0.21 centavos to close at P6.55 apiece on the same day. — Angelica Y. Yang