The net earnings of Alcantara-led Alsons Consolidated Resources Inc. (ACR) grew 18 percent to P1.35 billion in the nine-month period this year from a leaner P1.14 billion in the comparative period in 2021.
For third quarter alone, the company reported that its net income soared 140 percent to P658.22 million from P272.93 million in the same July to September stretch last year.
On revenues, the Alcantara firm noted that this surged to P9.25 billion from January to September this 2022 versus P7.05 billion last year, mainly propped up by sales from its operating power plant assets
The scale of revenues within the third quarter this year likewise went up to P3.85 billion compared to last year’s P2.42 billion.
The company emphasized that “the steady rise in revenues from operations during this period was mainly due to the constant improvement in power demand in Mindanao, as day-to-day activities in the island continue to normalize and recover from the effects of the pandemic.”
Moving forward, ACR Deputy Chief Financial Officer Philip Edward B. Sagun projected of stable power demand in Mindanao for the rest of the year.
The company's 210-megawatt coal-fired power plant in Sarangani province remained as its main income driver within the financial review period. This facility caters to the electricity needs of key cities and provinces within Mindanao grid – including those in Butuan, Cagayan de Oro, Dapitan, Dipolog, General Santos, Iligan, Kidapawan, Pagadian, Sarangani Province, Samal and Tagum.
Another asset which buoyed the company’s top and bottom lines had been its 100-MW Western Mindanao Power Corporation (WMPC) diesel plant in Zamboanga City, because that facility has been providing “vital ancillary services to the National Grid Corporation of the Philippines to help stabilize the power grid in the Western Mindanao region.”
From helping solve the power crisis in Mindanao in recent years, the Alsons Power Group indicated that its new focus of investments will be in the renewable energy (RE) space to underpin the "energy transition agenda" being advanced by the Philippine government.
The first one on its RE portfolio to come on commercial stream will be its 14.5MW Siguil hydropower project, which is targeted to be on-line by next year.
Alsons will be pursuing at least eight of its pipelined projects on this technology terrain that shall be carried out on multi-year implementations.