Alsons income grows 15.2% to R274.5 M

With power plant capacity sales giving succor to financial performance, listed firm Alsons Consolidated Resources, Inc. (ACR) had posted 15.2 percent jump on its net earnings in the three quarters this year to R274.48 million from a leaner R238.09 million in 2016.

The Alcantara firm said this was chiefly “propelled by the robust revenue growth from the operations of the first 105-megawatt section of the Sarangani Energy Corporation’s (SEC) coal-fired power plant.”

The $600-million SEC power plant project is currently undergoing expansion, for it to attain capacity doubling to 210MW as anticipated on stream around 2019.

Of the January-September financial result, the company similarly noted 6.9 percent hike in attributable net earnings to parent firm at R117.66 million from last year’s R110.04 million.

Consolidated revenues within the nine-month review period had also expanded 6.7 percent to R5.22 billion from R4.88 billion in the same period last year.

The company’s earnings before interest, taxes, depreciation and amortization (EBITDA) surged by a remarkable 73 percent to R1.28 billion from R718 million a year ago; prompting its EBITDA margin improvement then to 35 percent from 23 percent in 2016.

Moving headway, the company is quite primed for more optimistic outlook when it comes to organic business growth, that will in turn bring higher value to its shareholders as both its top and bottom lines will likewise continue to register hiked figures.

“We look forward to an exciting year ahead of us, as by the middle of 2018, we will have three projects under construction,” ACR Executive Vice President Tirso G. Santillan has indicated.

As targeted, the company’s 15MW Siguil hydropower project has to be on stream by 2020, a capacity addition after the unit 2 of the Sarangani plant which will be coming on-line a year ahead. (MMV)