Alsons Consolidated Resources Inc. (ACR) booked a 198-percent increase in consolidated net income in the first quarter to P310 million from P104 million in the same period in 2019.
The company attributed the growth to the continuing operations of its power plants including the 210 megawatts (MW) Sarangani Energy Corp. coal-fired power plant in Sarangani Province.
Net earnings attributable to the parent for the quarter surged to P55 million from P6 million while consolidated revenues grew 81 percent to P2.21 billion from P1.22 billion.
Tirso Santillan Jr., ACR executive vice president, said the company’s power plants continued operating despite the quarantines in many areas in the country including the Mindanao localities where the group’s power facilities are located.
The company currently has a portfolio of four power facilities with an aggregate capacity of 468 MW serving over eight million people in 14 cities and 11 provinces including key urban centers such as Cagayan de Oro, General Santos, Iligan and Zamboanga City
ACR is building a P4.5- billion run-of-river hydroelectric power plant with a 14.5 MW capacity at the Siguil River basin in Sarangani Province expected to begin commercial operations in 2022.
Apart from its first entry into renewable energy, ACR is also developing the 105 MW San Ramon Power, Inc. coal-fired power plant in Zamboanga City which is slated to begin operations in 2023.
Aside from power generation, ACR is also engaged in property development.
