Alsons’ nine-month income rose 6% to P1.88b on stable power generation
By Alena Mae S. Flores – November 18, 2024, 8:15 pm
from manilastandard.net
Alsons Consolidated Resources Inc., the listed company of the Alcantara Group, reported a steady growth in the first nine months of 2024, with net income reaching P1.88 billion, a 6-percent increase from P1.77 billion in the same period last year.
Alsons’ net income attributable to the parent company also showed a strong 20-percent year-on-year growth, climbing to P604 million in the first nine months from P504.644 million in the same period last year.
Third-quarter net income rose increased to P824.115 million from P601.14 million in the same period last year.
“This quarter’s financial performance stems from the stable profit margins across our power generation assets and the growing demand for electricity in the region. Additionally, the implementation of the ASPA of our Zamboanga and Iligan power plants has contributed to these favorable results,” said Alsons deputy chief financial officer Philip Edward Sagun.
“The positive growth trajectory of ACR underscores our strong commitment to sustainable financial performance,” he said.
Alsons’ earnings before interest, taxes, depreciation and amortization (EBITDA) remained consistent at P4.1 billion, in line with the same period last year, reflecting the company’s continued operational efficiency and resilience.
Gross revenues, however, was lower at P8.915 billion in the nine-month period from P9.995 billion in the same period last year on lower pass-on costs and forced outages of its power plants.
Alsons power plants in Zamboanga and Iligan have been providing essential ancillary services to the National Grid Corporation of the Philippines (NGCP), helping to ensure power stability and reliability in the region.
Alsons subsidiary Western Mindanao Power Corp. in Zamboanga received its provisional authority from the Energy Regulatory Commission for a firm ancillary services procurement agreement (ASPA) with the NGCP in May 2024.
Meanwhile, the company’s retail electricity supply has further boosted its net income.
“We are actively expanding our retail electricity supply portfolio, and we are optimistic about adding more customers as we continue to strengthen our presence in the market,” Sagun said.
He said the company is also focused on building its renewable energy portfolio with several solar and hydro power projects at different stages of development and implementation.
Alsons recently completed its first hydro power project in Maasim, Sarangani, specifically the 14.5-megawatt Siguil hydropower plant.
