Alsons Consolidated Resources Inc., (ACR) posted P689 million in net earnings for the first half of 2022 from the P871 million recorded in the first half of 2021. The publicly-listed company of the Alcantara Group reported net earnings of P364.93 million for the second quarter of 2022 from P492.39 million in the same period last year. The lower income figures were mainly due to a one-time recognition of expenses for this year.
ACR posted higher revenues of PS.40 billion in the first half of 2022 from P4.63 billion in the first half of last year. Second quarter revenues were also higher this year at P2.73 billion fromP2.47 billion in the second quarter of 2021.
ACR’s 210 mega-watt (MW) Sarangani Energy Corporation (SEC) baseload power plant continued to be the key revenue and income driver for the company. SEC currently provides power to key areas in Mindanao including Sarangani Province, General Santos, Cagayan de Oro, lligan, Dipolog, Dapitan, Pagadian, Samal,Tagum, Kidapawan, and Butuan.
Another key revenue contributor for the company for this period was the continuing operation of the company’s 100 MW Western Mindanao Power Corporation (WMPC) diesel plant in Zamboanga City. WMPC is the only major power generation facility in the Zamboanga Peninsula, providing power to Zamboanga City and supplying vital ancillary services to stabilize the power grid in the Western Mindanao Region.
ACR is now focused on building up its renewable energy capacity in the next few years, with around eight run-of-river hydroelectric power facilities in the company’s pipeline. The first of these hydroelectric power plants is the 14.5 MW Siguil Hydro power plant currently under construction in Maasim, Sarangani, which is targeting to begin operations in the second quarter of 2023.
The next two hydro power facilities slated for development are a 21 MW hydro power plant in Zamboanga del Norte being developed by ACR’s Sindangan Zambo-River Power Corporation and the Bago river hydroelectric power plant in Negros Occidental, the company’s first power project outside of Mindanao, with a planned capacity of up to 42 MW. “…Eventually, renewable energy sources will comprise at least half of ACR’s Jong-term energy mix,” ACR Chairman and President Nicasio I. Alcantara stated earlier this year.
The company which is Mindanao’s first private-sector power generator, currently has a portfolio of four power facilities with an aggregate capacity of 468 MW serving over eight million people in 14 cities and 11provinces in the country’s second largest island.