Alsons Consolidated Resources Inc. (ACR) of the Alcantara Group posted a 67-percent increase in net income to P542.27 million in the first quarter from P324 million in the same period a year ago.
ACR’s net earnings attributable to the parent were also up at P155.84 million, 73-percent higher than the previous year’s P90.16 million.
Revenues jumped by 24 percent to P3.31 billion from P2.67 billion in the first quarter of 2022.
The company attributed its strong performance to improved power demand.
“The first quarter of 2023 saw steady power demand from our key power markets in Mindanao. Our 210 megawatt [MW] Sarangani Energy Corp. [SEC] baseload power plant in Sarangani Province and our 100 MW Western Mindanao Power Corp. [WMPC] diesel plant in Zamboanga City remain to be our key revenue and income drivers for this quarter,” said ACR Deputy Chief Financial Officer Philip Edward B. Sagun.
The company’s SEC power plant currently provides power to key areas in Mindanao including Sarangani Province, General Santos, Cagayan de Oro, Iligan, Dipolog, Dapitan, Pagadian, Samal, Tagum, Kidapawan, and Butuan.
ACR’s WMPC power plant is the only major power generation facility in the Zamboanga Peninsula.
The company has shifted its focus on building up its renewable energy capacity in the next few years, with around 8 run-of-river hydroelectric power facilities in the company’s pipeline. The first of these hydroelectric power plants is the 14.5 MW Siguil Hydro power plant currently under construction in Maasim, Sarangani, which is targeting to begin operations before the end of this year.
The next 2 renewable energy facilities slated for development are a hydro and solar power project in Zamboanga del Norte with a potential combined capacity of up to 37.8 MW, and a hydro power project in the Bago River in Negros Occidental with a planned capacity of up to 42 MW.
ACR’s aggregate capacity stood at 468 MW.
Image credits: www.alsonspower.com