Alsons Consolidated net income up 22% in 2023

The Alcantara Group’s publicly listed Alsons Consolidated Resources Inc. (ACR) on Thursday reported 22% growth in its bottom line for the past year, citing growing demand for power in its core markets in Mindanao.

In a regulatory filing, Alsons said its full-year net income rose to P2.285 billion in 2023 from P1.875 billion in 2022, as its revenue climbed by 3% to P12.4 billion.

“ACR’s strong financial performance last year is attributed to the growing power demand in Mindanao,” ACR deputy chief financial officer Philip Edward Sagun said.

“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,” he added.

The company last year broke ground for its 95.2-megawatt (MW) baseload backup power plant in Bohol, marking its entry into the Visayas market. The facility is set to serve as a backup source should the province get isolated from the Visayas grid during calamities.

ACR looks to expand its business and portfolio further this year amid the country’s projected 6.5% annual economic growth.

Its current portfolio includes four power facilities with a cumulative capacity of 468 MW which in turn cater to over 8 million individuals across 14 cities and 11 provinces.

It is currently in the process of developing three renewable projects: the 14.5-MW Siguil Hydro Power Plant in Sarangani, the 37.8-MW hybrid Siayan Hydro-Solar Plant in Zamboanga del Norte, and the 42-MW Bago Hydro Power Plant in Negros Occidental.

ACR is also engaged in property development through its subsidiary Alsons Land Corporation.

Shares in the company were last traded at P0.61 apiece, up 10 centavos or 19.61% from Wednesday’s finish of P0.51 per share. — VBL, GMA Integrated News