ALSONS Consolidated Resources, Inc. (ACR) swung to profitability in 2018, driven by the operations of its coal-fired power plant in Sarangani province.
In a statement issued on Friday, the Alcantara-led company said its net income attributable to the parent reached P93.5 million last year, recovering from a net loss of P21 million in 2017. This followed a two percent increase in consolidated revenues to P6.66 billion.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at P2.66 billion, 15% higher year on year, translating to an EBITDA margin of 40%, an improvement from a year ago’s 36%.
ACR mainly derives its revenues from Sarangani Energy Corp. (SEC), which runs a baseload coal-fired power plant in Maasim, Sarangani Province. The plant’s first section has a capacity of up to 105 megawatts (MW), and has been operating since April 2016, servicing about three million people in the General Santos-Sarangani area.
The listed firm is scheduled to start commercial operations of the plant’s second section by the middle of this year, which is set to add another 105 MW of baseload power. The project is seen to benefit another three million people in different parts of Mindanao.
ACR also has several power projects in the pipeline, including a P4.25-billion run-of-river hydroelectric power project at the Siguil River Basin in Maasim, Sarangani. The 14.5 MW project will be the firm’s first foray into the renewable energy space.
The company is also building a 105 MW baseload coal-fired power plant in Zamboanga City thorugh San Ramon Power, Inc.
Aside from its power generation assets, the company also engages in property development. It is currently developing the 27-hectare mixed use estate called Azuela Cove with Ayala Land, Inc. in Davao City. The first two towers in the township under the Ayala Land Premier brand are now under construction, and will be turned over in the first quarter of 2023.
Shares in ACR jumped 4.96% or seven centavos to close at P1.48 each at the stock exchange on Friday. — Arra B. Francia
