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Manila Bulletin devider Business devider The Stock Market devider Alsons profit improves 22% to P2.3 B

Alsons profit improves 22% to P2.3 B

Published Mar 14, 2024 07:29 am

Alsons Consolidated Resources, Inc. (ACR), the flagship of the Alcantara Group, posted a 22 percent growth in net income to P2.29 billion last year from the P1.88 billion earned in 2022 on the back of growing demand for power in its core markets in Mindanao. 

In a disclosure to the Philippine Stock Exchange, the firm said it also saw a 3 percent improvement in revenue to Pl2.4 billion in 2023. The firm's businesses include power, residential and industrial real estate, and mining.

"ACR's strong financial performance last year is attributed to the growing power demand in Mindanao. Aside from this, our participation in the Wholesale Electricity Spot Market in Mindanao has opened additional revenue streams for the company, contributing to our financial growth," said ACR Deputy Chief Financial Officer Philip Edward B. Sagun. 

Looking ahead, ACR said it remains optimistic about its growth trajectory, particularly considering the expected increase in power demand to support the Philippines' projected annual economic growth of 6.5 percent through 2028. 

The company said it is poised to further its business expansion and portfolio diversification this 2024. 

Marking ACR's entry into the Visayas market, the company ceremonially broke ground for its 95.2 MW baseload backup power plant project in Barangay Imelda, Ubay Municipality in Bohol last year. 

This facility will serve as a backup source of electricity for Bohol should the province get isolated from the Visayas grid during calamities or natural disasters.

ACR's portfolio includes four power facilities with a total capacity of 468 MW, serving over eight million people across 14 cities and 11 provinces. 

The company aims to enhance its renewable energy capacity to support the Department of Energy's target of 35 percent renewable energy (RE) mix by 2030 and 50 percent by 2040. 

Currently, it is developing three renewable projects: the 14.5-MW Siguil Hydro Power Plant in Sarangani, the 37.8-MW hybrid Siayan Hydro-Solar Power Plant in Zamboanga del Norte and the 42-Mw Bago Hydro Power Plant in Negros Occidental. 
 

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