Power plants boost Alsons income in Q1

By Lenie Lectura – June 19, 2020
from Business Mirror

Alcantara led Alsons Consolidated Resources Inc. (ACR) reported a net income of P310 million in the first quarter as against P104 million in the same period a year ago.

ACR’s revenue also grew to P2.21 billion in the first quarter, from P1.22 billion in the same period last year.

Revenue and income for the period were driven primarily by the continuing operations of the company’s power plants including the 210-megawatt (MW) Sarangani Energy Corp. (SEC) coal-fired baseload power plant located in Maasim, Sarangani Province. The power plant began operating at full capacity when the second 105MW unit commenced operations in October last year.

The company’s net earnings attributable to the parent also climbed considerably in the first quarter to P55 million from P6 million in the first quarter of 2019.

ACR—the first private sector power generator in Mindanao—earlier reported that their power plants continued operating despite the ongoing enhanced quarantine of many areas in the country including areas in the region where the group has set up power facilities.

“Our operations are ongoing and we continue to dispatch power to our various customers in Mindanao,” said ACR Executive Vice President Tirso G. Santillan, Jr.

The company currently has a portfolio of four power facilities with an aggregate capacity of 468 MW serving over eight million people in 14 cities and 11 provinces including key urban centers such as Cagayan de Oro, General Santos, Iligan, and Zamboanga City

ACR is currently building a P4.5-billion 14.5 MW run-of -river hydroelectric power plant at the Siguil River basin in Maasim, Sarangani Province. This is the company’s first foray into renewable energy (RE).

The Siguil Hydro power plant is expected to begin commercial operations in 2022 and will provide power to Sarangani Province, General Santos City and key municipalities of South Cotabato.

Another project in ACR’s pipeline is the 105-MW San Ramon Power, Inc. (SRPI) baseload coal-fired power plant in Zamboanga City, which is slated to begin operations in 2023.

Apart from power generation, ACR is also engaged in property development. The company is in partnership with Ayala Land, Inc. in the development of Azuela Cove, a 26-hectare mixed-use township project in Davao City. The first two Ayala Land Premier towers were successfully launched in 2018 and are currently under construction.