Alsons profit up 11% to P2.53 billion in 2024

ALCANTARA-LED Alsons Consolidated Resources, Inc. (ACR) reported an 11% increase in net income to P2.53 billion in 2024, driven by higher electricity demand and stronger spot market prices. 

“We are confident that our growth prospects will continue, fueled by the anticipated increase in power demand and our strategic focus on expanding our RES (retail electricity supply) portfolio,” ACR Deputy Chief Financial Officer Philip Edward B. Sagun said in a statement on Thursday. 

Mr. Sagun attributed the company’s earnings growth to the sustained performance of the 237-megawatt (MW) Sarangani Energy Corp. in Mindanao. 

The company said the implementation of ancillary services agreements for Western Mindanao Power Corp. in Zamboanga and Mapalad Power Corp. in Iligan “played a vital role in bolstering the company’s earnings.” 

In 2023, ACR completed and commenced operations of the 14.5-MW Siguil Hydropower Plant, its first renewable energy facility. 

The company added that its new RES unit has secured major clients, including Holcim Philippines and Metro Retail Stores Group, Inc., with a combined contracted capacity of 43 MW.

“We remain steadfast in our commitment to expanding our renewable energy portfolio, with several projects currently under development. This year, we are targeting to launch our first large-scale solar power project in Mindanao, marking a significant milestone in our sustainability strategy,” Mr. Sagun said.

ACR, which describes itself as Mindanao’s first independent power producer, operates five power plants with a combined capacity of 482.5 MW. — Sheldeen Joy Talavera