Alsons Consolidated Resources Inc. said Monday net income soared 67 percent in the first three months to P542.27 million from P324 million in the same period last year.
Alsons said net earnings attributable to the parent went up by 73 percent in the first quarter to P155.84 million from P90.16 million a year earlier.
The publicly-listed company of the Alcantara Group saw first-quarter revenues rise 24 percent to P3.31 billion from P2.67 billion.
“The first quarter of 2023 saw a steady power demand from our key power markets in Mindanao. Our 210-megawatt Sarangani Energy Corp.
baseload power plant in Sarangani province and our 100-MW Western Mindanao Power Corp. diesel plant in Zamboanga City remain to be our key revenue and income drivers for this quarter,” Alsons deputy chief financial officer Philip Edward Sagun said in a disclosure to the stock exchange.
The company’s SEC plant provides power to key areas in Mindanao including Sarangani and the cities of General Santos, Cagayan de Oro, Iligan, Dipolog, Dapitan, Pagadian, Samal, Tagum, Kidapawan and Butuan.
Alsons’ WMPC power plant is the only major power generation facility in the Zamboanga Peninsula, providing power to Zamboanga City and supplying vital ancillary services to the National Grid Corporation of the Philippines to help stabilize the grid in the Western Mindanao region.
Alsons is beefing up its renewable energy capacity in the next few years, with around eight run-of-river hydroelectric power facilities in the pipeline.
The company is set to complete this year the 14.5-MW Siguil hydropower plant in Maasim, Sarangani.
Alsons is also developing hydro and solar power projects in Zamboanga del Norte with a potential combined capacity of 37.8 MW and another hydropower project in the Bago River in Negros Occidental with a capacity of 42 MW.
The company is Mindanao’s first private-sector power generator. It is has a portfolio of four power facilities with an aggregate capacity of 468 MW serving over eight million people across 14 cities and 11 provinces.