Alsons’ income climbed by 22% to P2.28b in 2023
By Alena Mae S. Flores – March 14, 2024, 7:40 pm
from manilastandard.net
Alsons Consolidated Resources Inc. (ACR), the publicly-listed company of the Alcantara Group, saw its net income rise 22 percent in 2023 to P2.285 billion from P1.875 billion in 2022.
ACR said in a disclosure to the stock exchange Thursday revenues improved 3 percent to P12.4 billion last year, underscored by the growing demand for power in its core markets in Mindanao.
“ACR’s strong financial performance last year is attributed to the growing power demand in Mindanao. Aside from this, our participation in the Wholesale Electricity Spot Market in Mindanao has opened additional revenue streams for the company, contributing to our financial growth,” said ACR deputy chief financial officer Philip Edward Sagun.
ACR said its board, in a meeting held on March 14, 2024, approved the program for the issuance of new short-term commercial paper worth up to P3 billion in one or more tranches.
The company expressed optimism about its growth trajectory, considering the expected increase in power demand to support the Philippines’ projected annual economic growth of 6.5 percent through 2028.
ACR said it is poised for further business expansion and portfolio diversification this 2024.
The company broke ground on its 95.2-megawatt baseload backup power plant project in Barangay Imelda, Ubay, Bohol last year, marking its entry into the Visayas market.
The facility will serve as a backup source of electricity for Boholanos in the event that the province gets isolated from the Visayas grid during calamities or natural disasters.
ACR’s portfolio includes three power facilities with an aggregate capacity of 468 MW, serving over eight million people across 14 cities and 11 provinces.
It is also developing the 14.5-MW Siguil hydro power plant in Sarangani, the 37.8-MW hybrid Siayan hydro-solar power plant in Zamboanga del Norte and the 42-MW Bago hydro power plant in Negros Occidental.
Meanwhile, Alsons Power Group, the power business unit of the Alcantara Group, announced the retirement of Tirso Santillan Jr. as executive vice president and chief executive, effective March 31, 2024.
Antonio Miguel Alcantara, the group’s current deputy chief executive, will succeed Santillan on April 1, 2024.
“The organization is fortunate to have Cito’s wealth of wisdom, dedication and tireless efforts in transforming Alsons Power into what it is today: a highly dependable, responsible, and trusted power supplier in Mindanao, with an expanding presence in other areas in the country,” said Alsons Power chairman Nicasio Alcantara.
Santillan played a crucial role during the group’s formative years in the 1990s, when Mindanao and the rest of the country were grappling with a power crisis.
Santillan expressed confidence in Alcantara’s ability to lead Alsons Power into the future.
“Looking ahead, I see a bright future for Alsons Power with Anton at the helm. His dynamic leadership and depth of experience instill in me a strong belief that Alsons Power will reach new levels of success,” Santillan said.
