The Alcantara Group’s Alsons Consolidated Resources (ACR) registered a Php405 million net income attributable to its parent in 2021, a 24% increase from 2020’s Php325 million.
Its consolidated revenues also grew to Php10.1 billion, up six percent from the previous year’s Php9.47 billion.
“ACR’s [210-megawatt (MW)] Sarangani Energy Corporation baseload power plant continued to be the key revenue and income driver for the company,” ACR said in a statement on Thursday. Sarangani Energy currently provides power to key areas in Mindanao, including Cagayan De Oro, General Santos, and Iligan cities, as well as Sarangani itself.
ACR, Mindanao’s first private power generator, has an aggregate capacity of 468MW that serves over eight million people in 14 cities and 11 provinces in the country’s second largest island.
The company is looking to focus on renewable energy projects, including the 14.5MW hydroelectric power plant in the Siguil River basin in Sarangani. This would be ACR’s first of eight hydropower projects it plans to develop.
ACR also recently received an issuer credit rating upgrade from the Philippine Rating Services Corporation (PhilRatings) to “PRS Aa minus” from “PRS A plus” in connection with the company’s issuance of up to Php3 billion in commercial papers.
PhilRatings cited ACR’s planned expansion projects that will further diversify its portfolio, its ability to establish joint ventures, and “strong profitability even amid the COVID-19 pandemic.
