Alsons Consolidated Resources Inc., (ACR) posted an increase in core net earnings in the first half of this year to ₱871.16 million from the ₱672.97 million recorded in the first half of 2020. Core net earnings for the second quarter of 2021 were also higher at ₱492.39 million from ₱362.49 million in the same period last year.
Core net income attributable to the parent was up in the first six months of 2021 at ₱267.06 million from ₱133.34 million in the first half of 2020, while attributable core net income in the second quarter of this year was at ₱174.18 million up from ₱78.25 million in the second quarter of 2020.
The publicly-listed company of the Alcantara Group reported revenues of ₱4.63 billion for the first half of 2021 and ₱2.47 billion in second quarter revenue for 2021. Revenue for this year was higher than the ₱4.40 billion in core revenue for the first half of 2020 and the₱2.19 billion in core revenue for the second 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.
The company 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. ACR expects to add another power plant to its portfolio when the company’s ₱4.5 billion 14.5 MW hydroelectric power plant currently under construction at the Siguil River basin in Sarangani Province, begins operations in early 2022.
For the long-term the company is slated to focus on renewables with seven more hydroelectric plants in various stages of development. The next two hydro facilities in the pipeline following the Siguil Hydro plant, are the 22 MW Siayan (Sindangan) Hydro plant in Zamboanga del Norte and the 42 MW Bago Hydro plant in Negros Occidental.