Alsons Consolidated Resources Inc., (ACR) posted an increase in core net earnings for the first nine months of this year to ₱1.14 billion from the ₱949 million recorded in the first nine months of 2020. Core net earnings for the third quarter of 2021 were slightly lower at ₱272.92 million from ₱275.5 million in the same period last year.
The publicly-listed company of the Alcantara Group reported revenues of ₱7.04 billion for the first nine months of 2021 and ₱2.47 billion in third quarter revenue for 2021. Revenue for this year was higher than the ₱6.43 billion in core revenue for the first nine months of 2020 and the ₱2.02 billion in core revenue for the third quarter of 2020.
As in the past years, ACR’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. The US$570 million SEC plant is the single largest investment in Sarangani Province and the entire Region 12.
ACR, which is Mindanao’s first private-sector power generator, 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.
For the long-term the company is slated to focus on renewables with the company’s first renewable energy facility- the ₱4.5 billion 14.5 MW hydroelectric power plant currently under construction at the Siguil River basin in Sarangani Province. The Siguil Hydro Power plant will be the first of eight hydropower facilities that ACR plans to develop.
