Search

Thursday, 17th July 2025



  • Home
  • Lopez Companies
    • Business and Finance
    • Promos and Offers
  • HR Updates
    • HR Council
    • Business Excellence
    • Job Opportunities
  • Employee News
    • Message from Lopez
    • Meet the Executive
    • Meet the Team
    • Milestones
    • Spotlight
    • Advocacy
  • Corporate Sustainability
    • ABS-CBN Foundation
    • Sagip Kapamilya
    • OML Climate Change Center
    • Knowledge Channel
    • Lopez Museum
  • Lifestyle
    • Kapamilya Entertainment
    • Power Plant Mall Finds
    • ABS-CBN Publications
    • Food and Recipes
    • Lifelong Wellness
  • Lopez Values
    • 7 Lopez Values
    • The Credo
    • Web Comics
    • Special Feature
  • Unsubscribe

First Gen attributable net income down 7%

Hits: 995
Twitter

First GenFirst GenFirst Gen Corporation ended 2020 with P13.7 billion ($276 million), a 7% decline in net income attributable to equity holders from the operations of its 3,492-megawatt (MW) clean, low-carbon and renewable portfolio. The company also delivered lower operating expenses, interest expenses, and incurred foreign exchange gains.

It had P15.4 billion ($296 million) in earnings from the same period in 2019.

The natural gas platform suffered from a 7% decrease in earnings for the year to P9.3 billion ($187 million) from P10.4 billion ($201 million) in 2019. From a recurring attributable net income to parent of P10.1 billion ($194 million) in 2019, the gas platform generated P9.2 billion ($184 million) for 2020.

Energy Development Corporation (EDC) contributed attributable earnings from its geothermal, wind and solar platforms amounting to P5.3 billion ($106 million) in 2020, 5% higher in comparison to the P5.2 billion ($101 million) it earned in 2019.

The company, however, had a lower recurring attributable net income to parent of P4.5 billion ($90 million) for the year, while it generated P5.1 billion ($98 million) in 2019.

The hydro platform’s attributable earnings contribution fell by 90%, or P0.6 billion ($12 million), to P0.1 billion ($1 million) for 2020 from P0.7 billion ($14 million) in 2019 mainly due to lower prices at the Wholesale Electricity Spot Market, though mildly offset by higher ancillary service sales. The hydro platform’s recurring earnings in 2020 were the same at P0.1 billion ($1 million).

First Gen’s recurring net income attributable to equity holders in 2020 was P12.6 billion ($252 million). This was P2.2 billion ($32 million) or 11% less than the 2019 earnings of P14.8 billion ($284 million) due mainly to lower electricity sales across all platforms.

Consolidated revenues from the sale of electricity in 2020 declined by P20.6 billion ($321 million) or 15% to P91.2 billion ($1,830 million) compared to P111.8 billion ($2,151 million) in 2019. All of the company’s platforms were affected by the decline in demand brought by the pandemic that resulted in lower power prices.

The natural gas portfolio accounted for 59% of First Gen’s total consolidated revenues. EDC’s geothermal, wind and solar revenues accounted for 38% of First Gen’s total consolidated revenues in 2020, while the hydro plants accounted for 2%.

“While we are grateful that First Gen was marginally affected by the decline in power demand resulting from the pandemic, we are still looking forward to a better 2021. Not only do we expect the country to climb its way up to recovery, but we are also preparing for this by, among other things, commencing the construction of the country’s first LNG terminal next month which puts the company in a good position for expanding its gas portfolio especially after the recent DOE [Department of Energy] coal moratorium,” First Gen president and COO Giles Puno said.

Subscribe to Lopezlink

More Articles from Lopezlink

AFI gives aid to 27K typhoon victims in Luzon

AFI gives aid to 27K typhoon victims in Luzon

A time of cheer

A time of cheer

EDC champions greener future at 5th Philippine Environment Summit

EDC champions greener future at 5th Philippine Environment Summit

Our hope this Christmas

Our hope this Christmas

SKY offers larger-than-life entertainment experience with SKY Evo

SKY offers larger-than-life entertainment experience with SKY Evo

LINKED: Elevating business resilience

LINKED: Elevating business resilience

Bulusan workers turn to backyard farming for steady food supply

Bulusan workers turn to backyard farming for steady food supply

Digital Media Division: Leading ABS-CBN’s digital transition

Digital Media Division: Leading ABS-CBN’s digital transition

PH net zero confab highlights key climate action strategies

PH net zero confab highlights key climate action strategies

Martin Lopez Vargas: He prefers to be anonymous

Martin Lopez Vargas: He prefers to be anonymous

COVID-19 in PH (September)

Meet the Team of Star Music

Meet the Team of Star Music

First Gen supports renewable power needs of Holcim

First Gen supports renewable power needs of Holcim

EDC scholars attend CAREERS leadership camp

EDC scholars attend CAREERS leadership camp

EDC donates 5,000 BINHI seedlings to Sorsogon

EDC donates 5,000 BINHI seedlings to Sorsogon
Lopez Holdings Corp. All rights reserved



About Us | Copyright | Sitemap | Archive