Alsons remains optimistic despite drop in H1 profit

By Lenie Lectura – August 16, 2024
from Business Mirror

Alcantara-led Alsons Consolidated Resources Inc. (ACR) reported a net income of P1.06 billion in the first semester, 9 percent lower than the P1.17 billion recorded in the same period last year.

ACR’s revenue from January to June this year reached P5.88 billion, 14 percent lower than the previous year’s P6.9 billion.

“We’ve made a solid recovery after the disruptions caused by the Mindanao earthquake last year,” said Philip Edward Sagun, ACR Deputy Chief Financial Officer in a statement.

“Our outlook for the rest of the year is positive, bolstered by our new ASPA (ancillary service purchase agreement) with NGCP (National Grid Corporation of the Philippines) and the opportunities presented by the RCOA (Retail Competition and Open Access) Market in Mindanao.”

ACR recently signed a deal with Holcim Philippines. Its retail electricity supply company will supply 80 percent of the energy needs for Holcim’s facilities in Davao and Misamis Oriental.

“We look forward to collaborating with other industry players, particularly in the Visayas region, where a power supply shortage is forecasted for next year. As an RES supplier, we are committed to providing tailored power supply options designed to reduce costs and support the operational and sustainability goals of our partners,” Sagun added.

Currently, ACR has an aggregate capacity of 468 megawatts, serving more than 8 million people in the Mindanao region. It is set to commence commercial operations of its 14.5-MW Siguil Hydro Power Project in Sarangani this year.

Additionally, the company is developing two other renewable energy projects in the Visayas and Mindanao: the 42-MW Bago Hydro Power Project in Negros Occidental and the 37.8-MW Siayan Hydro and Solar Power Project in Zamboanga.

Last March, the company reported that that its net income for 2023 increased by 22 percent to P2. 285 billion, from P1.875 billion in 2022.