Alcantara-led Alsons Consolidated Resources Inc. (ACR) said on Friday that its net income attributable to the parent more than doubled to P325 million in 2020 from the previous year.
In a statement, ACR attributed the higher profits to the full operations of its power plants in Mindanao.
The listed company of the Alcantara group reported a consolidated net income of P1.87 billion last year, nearly twice the P974 million posted in 2019.
“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,” ACR Executive Vice President Tirso G. Santillan said in a statement.
The firm’s consolidated revenues in 2020 surged to P9.47 billion from P6.8 billion in 2019.
“This year will see us continuing to pursue our new power projects in Sarangani Province, Zamboanga City, Zamboanga del Norte and Negros Occidental. 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,” Mr. Santillan said.
ACR is building a 14.5-megawatt (MW) run-of-river hydroelectric power plant in Maasim, Sarangani. The company said it is scheduled to begin its commercial run by early 2022. The hydro project will be ACR’s first venture into renewable energy.
The firm is planning to focus on renewables with at least seven other run-of-river hydro plants in various stages of development.
ACR also has two hydro facilities in the pipeline – the 22-MW Siayan (Sindangan) hydro plant in Zamboanga del Norte and the 42-MW Bago hydro plant in Negros Occidental.
Earlier this year, ACR announced that it has allotted around P6.54 billion as capital expenditures (capex) for four projects under development, including three hydro projects and one baseload thermal plant.
ACR shares in the local bourse improved 0.78% or 0.01 centavo to close at P1.29 apiece on Friday. — Angelica Y. Yang
