Alcantara-led Alsons Consolidated Resources Inc. (ACR) posted a net income of P1.14 billion in the first nine months of this year, up 17 percent from P949 million same period in 2020.
While the company is on its way to a post-pandemic recovery, it noted however that core earnings had been slightly lower at P272.92 million in the third quarter from the year-ago level of P275.5 million.
On the revenue-front, the Alcantara firm registered an uptick to P7.04 billion versus last year’s P6.43 billion within the same nine-month period.
For third quarter, revenues reached P2.47 billion, an improvement from the leaner P2.02 billion posted in the same July-September stretch last year.
ACR emphasized that its main profit driver is its 210-megawatt Sarangani coal-fired power facility, which is now feeding into the electricity needs of key areas in Mindanao including those in Sarangani province, General Santos, Cagayan de Oro, Iligan, Dipolog, Dapitan, Pagadian, Samal, Tagum, Kidapawan and Butuan.
The Sarangani coal-fired power facility is considered as the most significant power plant development recently completed by the Alsons Power Group with total investments of $570 million.
The plant is considered as among the solutions to the power supply scarcity that Mindanao grid severely endured in the past five to six years.
From that additional greenfield capacity build-up, the Alcantara group is also advancing the completion of other power projects – including its 105MW San Ramon coal-fired power venture in Zamboanga City, and its run-of-river hydropower installations starting with the 14.5MW Siguil hydro facility installation in Sarangani.
To date, the total power generation portfolio of the company hovers at 468MW; and these four electric generating facilities have been serving the requirements of more than eight million people in 14 cities and 11 provinces in Mindanao.
Next in the line-up of power generation investments for the Alcantara firm will be seven more hydroelectric power developments that are targeted in various sites in Visayas and Mindanao grids.
From embracing thermal power installations when Mindanao was being afflicted with a power crisis, the Alcantara group indicated that it will be shifting investment focus to renewables moving forward.