Alsons Consolidated Resources Inc. (ACR) saw a 447-percent surge in its consolidated net income, which reached P563 million in 2018 from P103 million in 2017, thanks mainly to its power facility in Sarangani.
“As in previous years, the key driver of revenue and income for ACR remains to be the Sarangani Energy Corp. (SEC) baseload coal-fired power plant in Maasim, Sarangani Province,” the company said in a statement.
Also, ACR’s consolidated revenues increased by 2 percent to P6.66 billion in 2018 from P6.51 billion previously.
“This was due mainly to increased energy dispatched by the SEC plant in 2018,” ACR said.
Operating profit also went up by 9 percent to P1.49 billion while earnings before interest, taxes, depreciation and amortization jumped 40 percent to 2.66 billion.
SEC has been operating the first 105-megawatt unit of its power complex since April 2016, serving more than three million people in Sarangani and adjacent areas of Mindanao.
A second 105-MW unit, expected to double SEC’s service coverage in terms of population, is undergoing commissioning in preparation for commercial operations in the middle of this year.
ACR is also building a P4.25-billion, 14.5-MW run-of-river hydroelectric power project at the Siguil River basin also in Maasim, and San Ramon Power Inc.’s 105-MW baseload coal-fired power plant in Zamboanga City.