Alcantara power unit’s income up 11% in ’24 to P2.53B on higher energy demand
Higher energy demand and better market conditions pushed up the net income of Alcantara-led Alsons Consolidated Resources Inc. (ACR) by 11 percent in 2024 to P2.53 billion from P2.28 billion in 2023.
“In the first quarter of 2024, we faced disruptions caused by the 2023 Mindanao earthquake. Despite this challenge, we demonstrated resilience and achieved a strong recovery, closing the year with solid financial performance,” ACR deputy chief financial officer Philip Edward Sagun said in a disclosure on Thursday.
The listed firm said rising electricity demand, favorable trading opportunities in the Wholesale Electricity Spot Market and the launch of its retail electricity supply (RES) unit lifted its profitability.
ACR said that higher earnings in 2024 reflected the value of its strategic initiatives and investments as well as its continued commitment to bolstering its presence in the local energy scene.
Demand hike
The continued operation of the 237-megawatt (MW) baseload power plant of Sarangani Energy Corp. as well as the power reserves or ancillary services for Western Mindanao Power Corp. in Zamboanga and Mapalad Power Corp. in Iligan boosted its profit in 2024.
“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 portfolio,” Sagun said.
ACR started operating the 14.5-MW Siguil Hydropower Plant in Sarangani last year, its first renewable energy facility, while its retail electricity supplier secured supply deals with 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,” he added.
Last month, ACR raised P1.6 billion from the sale of commercial debt paper, which will be used to support its power expansion.
It represents the first tranche of its P3-billion commercial paper program that was listed on the Philippine Dealing and Exchange Corp.
