Alsons Consolidated Resources Inc. of the Alcantara Group said Friday net income went up by 42 percent in 2022 to P1.88 billion from P1.32 billion in 2021 on increasing power demand in Mindanao.
Alsons said net earnings attributable to the parent company also climbed 52 percent to P617 million from P405 million as revenues rose 19 percent to P11.99 billion from P10.05 billion.
“As expected, power demand in Mindanao continued to grow in 2022, as day-to-day activities in the island continued to normalize in the aftermath of the pandemic,” said Alsons deputy chief financial officer Philip Edward Sagun.
The 210-megawatt Sarangani Energy Corp. baseload power plant continued to be the key revenue and income driver for the company.
SEC provides power to key areas in Mindanao including Sarangani province, General Santos City, Cagayan de Oro City, Iligan City, Dipolog City, Dapitan City, Pagadian City, Samal Island, Tagum, Kidapawan and Butuan City.
The company’s 100-MW Western Mindanao Power Corp. diesel plant in Zamboanga City is another key revenue contributor. Alena Mae S. Flores
WMPC 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 Corp. of the Philippines to help stabilize the power grid in Western Mindanao.
Alsons is building up its renewable energy capacity in the next few years, with around eight run-of-river hydroelectric power facilities in the pipeline.
These include the 14.5-MW Siguil hydropower under construction in Maasim, Sarangani which is targeted to begin operations before the end of 2023.
Alsons is also developing a hydro and solar power project in Zamboanga del Norte with a potential combined capacity of up to 37.8 MW and a hydro power project in the Bago River in Negros Occidental with a planned capacity of up to 42 MW.
Alsons chairman and president Nicasio Alcantara said renewable energy sources would eventually comprise “at least half of ACR’s long-term energy mix.”
The company has a portfolio of four power facilities with a capacity of 468 MW serving over eight million people in 14 cities and 11 provinces.