Alsons earnings rise by 67% to ₱938 M

Published March 26, 2020, 10:00 PM By Myrna M. Velasco
https://business.mb.com.ph/2020/03/26/alsons-earnings-rise-by-67-to-%e2%82%b1938-m/

With hefty contribution from power generating fleets that just reached commercial operations, the full year consolidated net income of Alsons Consolidated Resources Inc. (ACR) of the Alcantara group has expanded 67 percent to ₱938 million last year as against a leaner ₱563 million in 2018.

In terms of earnings attributable to the parent firm, this had also grown significantly to ₱148 million in 2018 vis-à-vis the previous year’s ₱94 million.

Revenue-wise, the company reported a slight growth to ₱6.8 billion from the 2018 level of ₱6.66 billion.

“As in previous years, the key revenue and income drivers for the company continues to be the 210-megawatt Sarangani Energy Corporation (SEC) coal-fired baseload power plant located in Maasim, Sarangani province,” the company noted.

The second generating unit of the SEC plant at 105MW capacity reached full commercial operations in October last year; while the first unit started delivering power in 2016 and had also been contributing largely to top and bottom lines of the Alcantara firm since then.

As emphasized, the Sarangani coal plant caters to the electricity needs of around 6.0 million people within its host-province; then to neighboring General Santos City and other parts of Mindanao.

After that major venture for the Alcantara group, it is advancing next its 105MW San Ramon coal-fired power plant project in Zamboanga City; and the 15-MW Siguil run-of-river hydropower venture in Sarangani.

Beyond the thermal plant developments that it had preoccupied itself with in recent years, the Alcantara group indicated that the next wave of power plant installations shall be leaning on cleaner technologies – primarily hydro as well as prospective solar developments.

The Alsons Power Group currently counts aggregate capacity of 468 megawatts, noting that such portfolio serves over 8.0 million people in 14 cities and 11 provinces that roped in the key urban centers of Cagayan de Oro, General Santos. Iligan and Zamboanga.

For the company’s Siguil hydropower venture, this is due for commercial operations in 2022; while the San Ramon coal-fired power project in Zamboanga is targeted on stream by 2023.

On top of the energy investments of the Alcantara group, the firm is also expecting better financial results in the coming years upon the completion of its 26-hectare Azuela Cove township project that is under construction in Davao City, its joint venture with Ayala Land.