Alsons profit nearly doubles in 2020 due to full power plant ops

The Alcantaras’ Alsons Consolidated Resources (ACR) nearly doubled its income last year, as the operations of its power plants went in full swing amid the COVID-19 pandemic to meet power demand in Mindanao.

ACR posted a consolidated net income of Php1.87 billion in 2020, 92% higher from Php974 million in 2019. Net income attributable to the parent for 2020 was at Php325 million, a substantial rise from Php148 million the year before. ACR’s consolidated revenues for 2020 also grew to Php9.47 billion from Php6.80 billion reported in 2019.

The company is currently building a 14.5-megawatt (MW) run-of-river hydroelectric power plant at the Siguil River basin in Maasim, Sarangani — its first foray into renewable energy. The Siguil Hydro power plant is expected to begin commercial operations in early 2022.

Also in ACR’s pipeline is the Php16 billion 105MW San Ramon Power, Inc. baseload coal-fired power plant in Zamboanga City.

ACR 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 42MW 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. This year will see us continuing to pursue our new power projects. 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,” ACR EVP Tirso Santillan said in a statement.

Last March 1, Nicasio Alcantara took over as ACR’s President and CEO from his brother Tomas, who retired for health reasons.

In January, the first tranche of ACR’s commercial papers worth Php2 billion received an A+ rating.