Alsons Consolidated Resources Reports 22% Increase in Net Income, Reaching 2.2B in 2023

Alsons Consolidated Resources (ACR), the publicly listed company of the Mindanao anchored Alcantara Group, saw its net income for 2023 increase by 22% to Php2.285 billion, up from Php1.875 billion in 2022. This growth underscored the growing demand for power in its core markets in Mindanao.

ACR also recorded 3% growth in revenue, generating Php12.4B in 2023.

“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 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 is poised to further business expansion and portfolio diversification this 2024.

Marking ACR’s entry into the Visayas market, the company ceremonially broke ground on 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 Boholanos in the event that the province gets isolated from the Visayas grid during calamities or natural disasters.

ACR’s portfolio includes three power facilities with an aggregate 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 goals of a 35% renewable energy (RE) mix by 2030 and 50% 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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