Alsons Consolidated Resources (ACR), the publicly traded company of the Alcantara Group in Mindanao, has witnessed a 22% surge in its net income for 2023, climbing to Php 2.285 billion in 2023 from Php 1.875 billion in 2022.
ACR also saw a 3% rise in revenue, totaling Php 12.4 billion in 2023.
ACR’s Deputy Chief Financial Officer Philip Edward B. Sagun, credited the robust financial performance in 2023 to the escalating power demand in Mindanao. He added, “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.”
Looking ahead, ACR maintains optimistic about its growth trajectory, especially with the anticipated surge in power demand to bolster the Philippines’ projected annual economic growth of 6.5% until 2028, aiming for further business expansion and portfolio diversification in 2024.
Last year, ACR marked its entry into the Visayas market through the construction of its 95.2 megawatts (MW) baseload backup power plant project in Bohol, which aims to provide backup electricity in the area in times of isolation from the Visayas grid during calamities or natural disasters.
ACR’s current portfolio comprises three power facilities with a combined capacity of 468 MW.
It is committed to enhancing its renewable energy (RE) capacity to align with the Department of Energy’s (DOE) targets of achieving a 35% RE mix by 2030 and 50% by 2040.
At present, ACR is developing three RE projects: the 14.5-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.