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Manila Bulletin devider Business devider Alsons income down to P1 billion in first half

Alsons income down to P1 billion in first half

Published Aug 16, 2024 05:59 am

At A Glance

  • In the bigger core of the retail electricity suppliers (RES) space, Alsons is targeting wider base of customers, including in the Visayas region, primarily due to supply shortfalls being experienced already in that grid.

With leaner aggregate revenues logged in the six-month stretch, the net income of Alsons Consolidated Resources Inc. (ACR) in the first half had declined by roughly 10% to P1.06 billion from the year-ago level of P1.17 billion.

If reckoned solely on second quarter performance, the company’s earnings rose 22% to P585 million from P479 million in the prior year; with revenues also surging 64% to P3.26 billion versus P1.99 billion in the first quarter.

Owing to the firm’s improved top and bottom line results in the last quarter, Alsons Deputy Chief Financial Officer Philip Edward B. Sagun asserted that “we’ve made a solid recovery after the disruptions caused by the Mindanao earthquake November 2023 last year.”

Alsons, nevertheless, reported that overall revenues within January to June this year had been pared by 14% to P5.25 billion from a more robust outcome of P6.9 billion in the same period last year.

On earnings attributable to the parent firm, Alsons conveyed that this went up to P362 million in the first half as against P346 million last year – with second quarter data escalating by 40% to P211 million from P151 million in the prior year.

“The growth in the second quarter was largely fueled by the heightened demand for electricity, driven by El Niño weather conditions,” the company stressed, adding that its traded capacity in the Wholesale Electricity Spot Market (WESM) “remains a significant contributor to this increase.”

Onward, Sagun indicated that “our outlook for the rest of the year is positive, bolstered by our new ASPA (ancillary services procurement agreement) with NGCP (National Grid Corporation of the Philippines) and the opportunities presented by the RCOA (retail competition and open access) market in Mindanao.”

The latest big-ticket client that Alsons had cornered in the competitive retail market has been Holcim Philippines, a cement firm that has been providing sustainable solutions in the construction industry.

In the bigger core of the retail electricity suppliers (RES) space, Sagun expounded that they are targeting wider base of customers, including in the Visayas region, primarily due to supply shortfalls being experienced already in that grid.

“As an RES supplier, we are committed to providing tailored power supply options designed to reduce costs and support the operational and sustainability goals of our partners,” the Alsons executive noted.

Alongside its aggressive foray in the retail market, Alsons is also ramping up capital infusion for new power projects, primarily its pipeline of targeted hydropower installations in the renewable energy (RE) sector.

Related Tags

Retail Competition and Open Access RE projects Holcim Philippines net income Alsons Consolidated Resources Inc. (ACR)
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