Alsons Consolidated Resources Inc., (ACR) – the publicly-listed company of the Alcantara Group saw net earnings rise 70% higher to ₱1.17 billion in the first half of 2023 from ₱689 million in the first half of 2022. ACR’s net earnings for the second quarter of 2023 also increased significantly to ₱605.28 million 65% higher than the ₱364.93 million earned in the second quarter of 2022.
The company’s net income attributable to the parent likewise grew considerably with attributable earnings for the first half of 2023 rising by 91% to ₱346.14 million from ₱180.68 million in the same period last year. Second quarter attributable net earnings were at ₱255.98 in 2023 increasing by 182% from ₱90.51 million in attributable net earnings in the second quarter of 2022.
ACR posted higher revenues of ₱6.9 billion in the first half of 2023 from the ₱5.4 billion in revenue garnered in the first half of 2022. Second quarter revenues were also higher in 2023 at ₱3.6 billion from ₱2.73 billion in the second quarter of 2022.
The company’s 210 mega-watt (MW) Sarangani Energy Corporation (SEC) baseload power plant continued to be the key revenue and income driver for the company. SEC 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.
Another key revenue contributor for ACR for this period was the 100 MW Western Mindanao Power Corporation (WMPC) diesel plant in Zamboanga City. 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.
ACR is now focused on building up its renewable energy capacity in the next few years, with several renewable energy facilities in the company’s pipeline. The first of these renewable energy 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 two 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. The company which is Mindanao’s first private-sector power generator, currently has a portfolio of four power facilities with an aggregate capacity of 468 MW serving over eight million people in 14 cities and 11 provinces in the country’s second largest island.