Alsons profit jumps 3-fold to P563 M

Alsons Consolidated Resources Inc. (ACR), the listed holding firm of the Alcantara Group, booked a three-fold increase in net earnings last year, driven by the contribution from its coal-fired power plant in Sarangani province.

The company disclosed to the Philippine Stock Exchange yesterday that its reported consolidated net income for 2018 reached P562.95 million, a 446 percent jump from P103 million in 2017.

In terms of income attributable to the parent, the company managed to recover from a net loss of P21 million in 2017 to an income of P93.5 million.

“As in previous years, the key driver of revenue and income for ACR remains to be the Sarangani Energy Corp. (SEC) baseload coalfired power plant in Maasim, Sarangani province,” it said.

The SEC plant’s first 105-megawatt (MW) section has been operating since April 2016 and currently delivers power to more than three million people in the General Santos-Sarangani area and other parts of Mindanao.

Consolidated revenues inched up by two percent to P6.66 billion due mainly to increased energy dispatched by the SEC plant in 2018.

Its operating profit also went up nine percent to P1.49 billion, while earnings before interest, taxes, depreciation and amortization (EBITDA) improved from P2.32 billion to P2.66 billion.

Alsons Power Group is currently commissioning SEC’s second unit and is targeting to start commercial operations in the middle of the year.

SEC 2 is set to contribute another 105 MW of baseload power to benefit an additional three million people in various parts of Mindanao when it begins operating.

Other projects in ACR’s pipeline include the P4.25-billion, 14.5-MW run-of-river hydroelectric power project at the Siguil River basin in Maasim, Sarangani province – ACR’s initial entry in renewable energy (RE) and the 105-MW San Ramon Power Inc. (SRPI) baseload coal-fired power plant in Zamboanga City.

Apart from power generation, ACR is also engaged in property development. The company, in partnership with Ayala Land Inc. (ALI), to develop Azuela Cove, a 27-hectare township project in Davao City.

The first two Ayala Land Premier towers are currently under construction with the initial turnover expected in the first quarter of 2023.