Alsons’ 2024 net income climbed 11% to P2.53b on high electricity demand
By Alena Mae S. Flores – March 20, 2025, 7:35 pm
from manilastandard.net
Alsons deputy chief financial officer Philip Edward Sagun
Alsons Consolidated Resources Inc., the publicly-listed company of the Alcantara Group, reported an 11-percent increase in its 2024 net income to P2.53 billion from P2.28 billion in 2023.
The company attributed the strong financial performance to rising electricity demand, favorable trading opportunities in the Wholesale Electricity Spot Market (WESM) and the successful launch of its retail electricity supply (RES) unit.
The company said the positive financial performance last year reflected the value of its strategic initiatives and investments and its continued commitment to expanding its presence in the energy sector,,while capitalizing on market dynamics.
“In the first quarter of 2024, we faced disruptions caused by the 2023 Mindanao earthquake. Despite this challenge, we demonstrated resilience and achieved a strong recovery, closing the year with solid financial performance,” said Alsons deputy chief financial officer Philip Edward Sagun.
Sagun said the 237-megawatt Sarangani Energy Corp., one of the most cost-efficient baseload power sources in Mindanao, continues to be a strong contributor to Alsons’ bottomline.
He said the implementation of the ancillary services agreements for Western Mindanao Power Corp. in Zamboanga and Mapalad Power Corp. in Iligan also played a vital role in bolstering the company’s earnings.
“We are confident that our growth prospects wil continue, fueled by the anticipated increase in power demand and our strategic focus on expanding our RES portfolio,” Sagun said.
Alsons achieved key milestones, including the completion and operational launch of its first renewable power plant—the 14.5-MW Siguil Hydropower Plant ni Sarangani last year.
The company’s new RES unit also gained momentum, securing major clients such as Holcim Philippines and Metro Retail Stores Group Inc., with a combined contracted capacity of 43 MW.
“We remain steadfast in our commitment to expanding our renewable energy portfolio, with several projects currently under development. This year, we are targeting to launch our first large- scale solar power project ni Mindanao, marking a significant milestone in our sustainability strategy,” Sagun said.
