ALCANTARA-LED Alsons Consolidated Resources, Inc. (ACR) said on Thursday that it saw a 22% jump in its 2023 net income to P2.29 billion, driven by higher power demand.
The company’s revenue grew by 3% to P12.4 billion last year, Alsons said in a stock exchange disclosure.
“Alsons’ strong financial performance last year is attributed to the growing power demand in Mindanao. 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,” ACR Deputy Chief Financial Officer Philip Edward B. Sagun said.
The company plans to diversify its portfolio this year.
“Looking ahead, Alsons remain optimistic about its growth trajectory, particularly considering the expected increase in power demand to support the Philippines’ projected annual economic growth of 6.5 percent through 2028,” the company said.
Alsons is developing three renewable projects consisting of the 14.5-megawatt (MW) Siguil Hydro Power Plant in Sarangani, the 37.8-MW hybrid Siayan Hydro-Solar Power Plant in Zamboanga del Norte, and the 42-MW Bago Hydro Power Plant in Negros Occidental.
In 2023, Alsons marked its entry into the Visayas market with the groundbreaking of a 95.2-MW baseload backup power plant project in Ubay, Bohol.
The project will serve as a backup electricity source if the province gets isolated from the Visayas grid during calamities or natural disasters.
The company’s portfolio consists of four power facilities with a total capacity of 468 MW. It serves more than eight million people across 14 cities and 11 provinces.
The company seeks to increase its renewable energy capacity to support the Energy department’s target of 35% renewable energy mix by 2030 and 50% by 2040.
On Thursday, Alsons shares rose by 19.61% or 10 centavos to 61 centavos apiece. — Revin Mikhael D. Ochave