Alsons net income hits P1.87 billion in 2020

By Eireene Jairee Gomez March 20, 2021
https://www.manilatimes.net/2021/03/20/business/companies/alsons-net-income-hits-p1-87-billion-in-2020/853435/

Alsons Consolidated Resources Inc. (ACR) posted a consolidated net income of P1.87 billion in 2020 from P974 million a year ago, on the back of full operation of its power plants in Mindanao amid the pandemic.

In a disclosure to the local bourse, ACR said net income attributable to the parent was at P325 million, a significant increase from P148 million recorded in 2019.

The publicly listed company of the Alcantara Group said consolidated revenues in 2020 also grew by 39.2 percent to P9.47 billion from P6.80 billion year-on-year.

ACR is currently building a 14.5 mega-watt (MW) run-of-river hydroelectric power plant at the Siguil River basin in Maasim, Sarangani Province, which is the company’s first foray into renewable energy. The Siguil Hydro power plant is expected to begin commercial operations in 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.

The company is slated to focus on renewables with at least seven more run-of-river hydroelectric plants in various stages of development. It has two hydro facilities in the pipeline, the 22-MW Siayan (Sindangan) Hydro plant in Zamboanga del Norte and the 42-MW Bago Hydro plant in Negros Occidental.

“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,” said ACR Executive Vice President Tirso Santillan.

“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,” he added.