First Gen's 2024 income falls 12% to $245M

First Gen Corp., based in the Philippines, reported a 12% drop in its income for 2024. The company's net income reached $245 million (P14 billion), down from $277 million (P15.4 billion) in 2023. This decline was mainly due to lower revenues and higher costs, according to a recent announcement. The company's consolidated revenues decreased by 3% to $2.408 billion (P137.3 billion). Most of this revenue, around 65%, came from their natural gas operations. Another 32% was from their subsidiary, Energy Development Corp., which focuses on geothermal, wind, and solar energy. The rest came from their hydroelectric business. First Gen President and COO, Francis Giles Puno, stated that the company is committed to enhancing their clean and renewable energy portfolio. They aim to tackle the critical issue of energy security in the country. Additionally, First Gen is set to receive its seventh liquefied natural gas (LNG) cargo for its terminal in Batangas province. Puno mentioned that supply deliveries are expected in April and May, coinciding with increased electricity demand in the summer months. Looking ahead, First Gen is reviewing options for a key power purchase agreement that is set to expire in August. The company is also focused on completing its geothermal drilling campaign and expanding its projects.