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Manila Bulletin devider Business devider Trade & Industry devider Alsons net income up 70% to P1.17 B

Alsons net income up 70% to P1.17 B

Published Aug 14, 2023 07:24 am

At A Glance

  • The company's next investment focus will be shifted to renewable energy (RE) – primarily its hydropower projects that are already lined up for firm commercial developments.<br> 

Propped by strong performance of its power plant operations, the net income of Alcantara-led Alsons Consolidated Resources Inc. (ACR) climbed 70-percent to P1.17 billion within this year’s first half from a leaner level of P689 million within parallel period last year.

That strong showing on its bottom line also shored up the earnings of its parent firm by 91 percent to P346.14 million within the same January-June stretch this 2023 from P180.68 million last year.

For the second quarter alone, the company registered income hike of 65-percent to P605.28 million versus P364.93 million in a comparative period in 2022; and that likewise buoyed its parent-firm earnings by significant 182-percent within the specified timeframe to P255.98 million versus P90.51 million a year ago.

The revenues of the Alcantara firm similarly tracked uptrend to P6.9 billion in the first semester from P5.4 billion within the same six-month duration last year.

Within the second quarter, the firm’s top line also thrived with revenues escalating to P3.6 billion from a year ago’s P2.73 billion level.

“The company’s 210-megawatt Sarangani Energy Corporation (SEC) baseload power plant continued to be the key revenue and income driver,” ACR stressed.

That particular generating asset has been providing electricity supply to key areas in Mindanao, including those of Sarangani, General Santos, Cagayan de Oro, Iligan, Dipolog, Dapitan, Pagadian, Samal, Tagum, Kidapawan, and Butuan.

The Alcantara-owned firm’s other main income driver had been its 100-MW Western Mindanao Power Corporation (WMPC) diesel plant, which is a key provider of electricity supply to Zamboanga City.

It emphasized that “WMPC is the only major power generation facility in the Zamboanga Peninsula, providing power to Zamboanga City and supplying vital ancillary services to the National Grid Corporation of the Philippines to help stabilize the power grid in the Western Mindanao Region.”

Onward, the company reiterated that its investment focus will be shifted to renewable energy (RE) – primarily its hydropower projects that are already lined up for firm commercial developments.

The first one that it is targeting to bring on commercial stream is its 14.5-MW Siguil hydropower facility which is expected to start delivering electricity to Mindanao grid before the end of this year.

It added that the next two renewable energy installations slated for development would be its hydro and solar power project in Zamboanga del Norte with a potential combined capacity of up to 37.8 MW, then its 42MW hydropower facility to be sited in Bago River in Negros Occidental.

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