MANILA, Philippines -Steady demand recovery in Mindanao boosted Alcantara-led Alsons Consolidated Resources Inc.’s profitability last year, as earnings jumped by 42 percent.
The company’s net income grew to P1.88 billion from P1.32 billion the previous year.
“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,” Alsons deputy chief financial officer Philip Edward Sagun said in a stock exchange disclosure on Friday.
The publicly listed company of the Alcantara group saw its full-year revenue rise by 19 percent to P11.99 billion, with the 210-megawatt (MW) Sarangani Energy Corp. (SEC) baseload power plant remaining as the key income and revenue driver.
SEC provides electricity for at least 11 provinces in the island group.
Apart from the baseload plant, the 100-MW Western Mindanao Power Corp. also drove revenue for Alsons as the sole power generation facility in the Zamboanga Peninsula.
It also supplies vital ancillary services to the National Grid Corp. of the Philippines to stabilize the power grid in Western Mindanao.
Alsons currently has eight run-of-river hydroelectric power facilities in its pipeline to help boost its renewable energy capacity.
These include the 14.5-MW Siguil plant under construction in Maasim, Sarangani province, which will operate before year-end.
Also slated for development are hydro and solar power projects in Zamboanga del Norte that are expected to have a combined capacity of 37.8 MW.
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Alsons retains favorable credit rating