Alsons Consolidated Resources Inc., the listed company of the Alcantara Group, said Friday it posted a consolidated net income of P1.87 billion in 2020, up from P974 million in 2019, on the full operation of its power plants aimed at meeting the electricity demand in Mindanao.
Net income attributable to the parent reached P325 million last year, up from P148 million in 2019 as consolidated revenues grew to P9.47 billion from P6.80 billion.
“Our power facilities have continued to dispatch power to our customers in order to ensure that the people of Mindanao have access to a reliable and steady supply of electricity in these difficult times,” Alsons executive vice president Tirso Santillan said in a statement.
“This year will see us continuing to pursue our new power projects in Sarangani province, Zamboanga City, Zamboanga del Norte and Negros Occidental. This is our own contribution to the economic recovery of our country by helping create new jobs and stimulate the local economies in these areas,” Santillan said.
Alsons is building a 14.5-megawatt run-of-river hydroelectric power plant at the Siguil River basin in Maasim, Sarangani.
The Siguil hydro project, the company’s foray into renewable energy, is expected to begin commercial operations by early 2022.
The company will focus on renewables with at least seven more run- of -river hydroelectric plants in various stages of development.
It has two hydro facilities in the pipeline, including the 22-MW Siayan (Sindangan) hydro plant in Zamboanga del Norte and the 42-MW Bago hydro plant in Negros Occidental. Also in the company’s pipeline is the P16-billion 105-MW San Ramon Power Inc. baseload coal-fired power plant in Zamboanga City.