Alsons income nearly doubles in 2020

MANILA, Philippines — Net profit of Alsons Consolidated Resources Inc. (ACR) nearly doubled to almost P2 billion, delivered by the continuous operations of its power plants despite the pandemic.

ACR said it posted a consolidated net income of P1.87 billion last year, a 92 percent increase from the P974 million registered in 2019.

Meanwhile, net income attributable to the parent reached P325 million last year, a 160 percent surge from P148 million a year earlier.

ACR’s consolidated revenues grew by 39 percent to P9.47 billion last year from P6.80 billion in 2019.

“Our power facilities have continued to dispatch power to our customers in order to ensure that the people of Mindanao have access to a reliable and steady supply of electricity in these difficult times,” ACR executive vice president Tirso Santillan said.

ACR, the first private sector power generator in Mindanao, currently has a portfolio of four power facilities with an aggregate capacity of 468 megawatts (MW) serving over eight million people in 14 cities and 11 provinces including key urban centers such as Cagayan de Oro, General Santos, Iligan and Zamboanga City.

In particular, the full operations of its 210-megawatt (MW) Sarangani Energy Corp. (SEC) coal-fired power plant in Sarangani drove the top line and bottom line growth of the company last year.

Meanwhile, the 100-MW Western Mindanao Power Corp. (WMPC) power plant in Zamboanga City – one of ACR’s three diesel power plants – secured ancillary services procurement agreement (ASPA) with the National Grid Corp. of the Philippines (NGCP).

For this year, the company will continue to develop its renewable energy projects.

“This year will see us continuing to pursue our new power projects in Sarangani Province, Zamboanga City, Zamboanga del Norte and Negros Occidental. This is our own contribution to the economic recovery of our country by helping create new jobs and stimulate the local economies in these areas,” Santillan said.

As the company’s first foray into renewable energy, ACR is building a 14.5-MW run-of-river hydroelectric power plant at the Siguil River basin in Maasim, Sarangani Province. The Siguil Hydro power plant is expected to begin commercial operations by early 2022.

Also in the company’s pipeline is the P16-billion 105-MW San Ramon Power Inc. baseload coal-fired power plant in Zamboanga City

Article and Photo originally posted by Philippine Star last March 20, 2021 12:00am and written by Danessa Rivera.