Alsons Consolidated Resources Inc. (ACR) registered an 18% increase in its net income to Php 1.35 billion from last year’s Php 1.14 billion nine months into 2022.
The increase was attributed to the improvement in the power demand in Mindanao, as activities in the island normalize and recover from the COVID-19 pandemic.
“We expect power demand in Mindanao to be stable for the rest of the year,” ACR deputy chief financial officer Philip Edward Sagun said in a disclosure to the Philippine Stock Exchange.
The 210 megawatt (MW) Saranggani Energy Corporation (SEC) baseload power plant remains to be the key revenue and income driver of the company. The 100 MW Western Mindano Power Corporation was also identified as a key contributor.
ACR registered Php9.25 billion in revenue for the first nine months of 2022 and Php 3.85 billion for the third quarter, both relatively higher than the income recorded last year.
The company is currently building up its renewable energy capacity with eight run-of-river hydroelectric power facilities in its pipeline. The first project, the 14.5 MW Siguil Hydro power plant is currently under construction in Maasim, Sarangani and is targeted for operations in 2023.
Meanwhile, the 21 MW hydro power project in Zamboanga del Norte and the 42MW project in Bago River, Negros Occidental are both slated for development.
“…Eventually, renewable energy sources will comprise at least half of ACR’s long-term energy mix,” ACR chairman and president Nicasio Alcantara said in a statement.