Alcantara-led firm Alsons Consolidated Resources Inc. (ACR) was among the very few companies that financially flourished last year despite the economic assault of the Covid-19 pandemic – with the company practically doubling its full year net-income to P1.87 billion from a leaner P974 million in 2019.
The scale of earnings attributable to parent firm was also thriving at P325 million as against P148 million in the previous year.
The Alcantara firm mainly attributed its significant income growth to “the full operation of its power plants,” – primarily the second unit of 105-megawatt capacity of its 210MW Sarangani coal-fired power plant in Mindanao that reached full commercial operation in the latter part of 2019.
On the top line, ACR further stated that its consolidated revenues had escalated to P9.47 billion last year from a relatively weaker outcome of P6.80 billion in 2019.
As emphasized by ACR Executive Vice President Tirso G. Santillan, “our power facilities have continued to dispatch power to our customers in order to ensure that the people of Mindanao have access to reliable and steady supply of electricity in these difficult times.”
Given the strapping financial performance it delivered last year, the ACR executive emphasized that the company will be in a good position to pursue its expansion projects, which will then underpin its targeted investment portfolio growth.
“This year will see us continuing to pursue our new power projects in Sarangani province, Zamboanga City, Zamboanga del Norte and Negros Occidental,” Santillan stressed, in reference to the array of thermal and hydropower projects that the firm will be advancing to implementation phases.
“This is our own contribution to the economic recovery of our country by helping create new jobs and stimulate the local economies in these areas,” he stressed.
Alsons Power is already at the construction stage of its 14.5MW Siguil run-of-river hydropower project, the first in the line-up of hydropower installations that it will be concretizing in the next few years. The Siguil hydro project is due to reach commercial operations by early part of next year.
The subsequent hydropower ventures of the company will be the proposed 22MW Silayan facility in Zamboanga del Norte; then the 42MW Bago project in Negros Occidental.
On the sphere of thermal power development, the Alcantara firm is pushing ahead with the construction of its P16 billion San Ramon Power Inc. coal-fired facility that will yield additional 105MW for Mindanao grid, and will primarily cater to the added electricity needs of its host community in Zamboanga City.