Alsons Consolidated Resources Inc., the listed company of the Alcantara Group, said consolidated net income jumped more than four times to P562.95 million in 2018 from P103 million in 2017.
Alsons said in a disclosure to the stock exchange the baseload coal-fired power plant in Maasim, Sarangani province of unit Sarangani Energy Corp. continued to be the key driver of the company’s net income and revenue growth.
Sarangani Energy plant’s first section with a capacity of up to 105 megawatts began operating in April 2016 and currently delivers power to more than 3 million people in the General Santos-Sarangani area and other parts of Mindanao.
The plant’s second section is in the commissioning stage with commercial operations expected to start by the middle of the year. This is seen to further boost the company’s income and revenues.
The second section is set to contribute another 105 MW of baseload power to benefit an additional 3 million people in various parts of Mindanao.
Alsons said consolidated revenues rose 2 percent in 2018 to P6.66 billion from P6.51 billion in 2018, on increased energy dispatched by the SEC plant.
Alsons operating profit also went up 9 percent to P1.49 billion from P1.37 billion reported in the previous year. Earnings before interest, taxes, depreciation, and amortization improved to P2.66 billion from P2.32 billion in 2017.
Income attributable to the parent improved significantly to P93.5 million in 2018 from a net loss of P21 million in 2017.
Alsons lined up several power projects in the including the P4.25-billion 14.5-MW run-of-river hydroelectric power project at the Siguil River basin in Maasim, Sarangani and the 105-MW San Ramon Power Inc. baseload coal-fired power plant in Zamboanga City.