Alsons income climbs 22% to P2.3B in 2023

POWER generator Alsons Consolidated Resources Inc. (ACR) said Tuesday that net income last year surged by 22 percent to P2.3 billion from P1.9 billion in 2022, fueled by higher demand for power in its Mindanao core markets.

Consolidated revenues also grew by 3.0 percent year on year to P12.4 billion, the Alcantara Group’s listed company said in a regulatory filing.

“ACR’s strong financial performance last year is attributed to the growing power demand in Mindanao,” Philip Edward Sagun, ACR’s deputy chief financial officer, said in a statement.

“Aside from this, our participation in the wholesale electricity spot market in Mindanao has opened additional revenue streams for the company, contributing to our financial growth,” he added.

ACR said it was upbeat about its growth momentum moving forward as demand for power would likely increase as the country sought to hit an annual economic growth target of 6.5 percent through 2028.

It also revealed plans to continue expanding its operations and diversifying its portfolio this year. This includes improving its renewable energy (RE) capacity to support the government’s target of a 35 percent RE mix by 2030 and 50 percent by 2040.

In another development, the ACR board on Wednesday authorized the issuance of a new shortterm commercial paper totaling up to P3.0 billion to be issued in one or more tranches, although further details were not immediately disclosed.

Last year, ACR started construction work for its 95.2-megawatt (MW) base load backup power plant project in Ubay, Bohol, that is expected to provide a backup source of electricity during calamities. This marked the firm’s expansion in the Visayas region.

The Alcantara-led company currently operates four power facilities with a total capacity of 468 MW, covering 14 cities and 11 provinces and servicing more than 8 million customers.

Its ongoing RE developments include the 14.5-MW Siguil hydro power plant in Sarangani; the 37.8MW hybrid Siayan hydro-solar power plant in Zamboanga del Norte; and the 42-MW Bago hydro power plant in Negros Occidental.

Alsons’ Thursday share price rose by 10 centavos to close at P0.61 each.