Alsons Consolidated Resources Inc. said Thursday net income attributable to the parent rose 24 percent in 2021 to P405 million from P325 million in 2020.
The publicly-listed company of the Alcantara Group said consolidated revenues increased 6 percent last year to P10.05 billion from P9.47 billion a year earlier.
Alsons said the 210-megawatt coal-fired power plant of Sarangani Energy Corp. continued to be the key revenue and income driver for the company.
The SEC plant provides power to key areas in Mindanao, including Sarangani province, General Santos City, Cagayan de Oro City and Iligan City.
Alsons 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 in the country’s second largest island.
Alsons said that for the long-term, it would focus on renewables with the company’s first renewable project, the P4.5-billion, 14.5-megawatt hydroelectric power plant under construction at the Siguil River basin in Sarangani.
The Siguil hydro power plant is the first of eight hydropower facilities that Alsons plans to develop.
The company recently received an issuer credit rating upgrade from the Philippine Rating Services Corp. to PRS Aa minus (corp.) from PRS A plus (corp).
The rating upgrade was made in relation to Alsons’s issuance of up to P3 billion in commercial papers.
Among the factors cited by PhilRatings for the upgrade were the company’s planned expansion projects which will further diversify its generation mix; the company’s ability to establish joint ventures with strong partners for particular projects; and its “strong profitability despite the ongoing COVID-19 pandemic.”
The company engaged the services of RCBC Capital Corp. as the lead underwriter and joint issue manager for the remaining balance of the commercial papers program approved by the Securities and Exchange Commission on June 25, 2021.