ALSONS Consolidated Resources, Inc. recorded a third-quarter attributable net income of P270.43 million, more than four times higher than the P55.49 million recorded in the same period last year, as revenues from its operations in Mindanao grew.
In its regulatory filing on Monday, Alsons recorded revenues of P3.85 billion for the third quarter, 59.09% higher than the P2.42 billion logged in the same period last year. It attributed the rise to improved power demand, which it expects to continue for the rest of the year.
The firm said its power generation facilities in Mindanao, the 210-megawatts (MW) coal-fired power plant of Sarangani Energy Corp. continued to be the revenue and income driver for the company.
Sarangani Energy energizes several areas in Mindanao such as Sarangani, General Santos, Cagayan de Oro, Iligan, Dipolog, Dapitan, Pagadian, Samal, Tagum, Kidapawan, and Butuan.
In the nine months to September, Alsons’ net income climbed by 39.9% to P451.11 million from P322.55 million. Its revenues for the period rose by 31.2% to P9.25 billion from P7.05 billion.
Alsons said the continuous operation of the 100-MW diesel plant of Western Mindanao Power Corp. (WMPC) also lifted the company’s revenues for the period as it is the only major power generation facility in Zamboanga.
WMPC supplies power to Zamboanga City and ancillary services to National Grid Corp. of the Philippines.
Meanwhile, Alsons is focusing on increasing its renewable energy capacity with eight run-of-river hydroelectric power facilities now under development. These include the 14.5-MW Siguil hydropower plant in Maasim, Sarangani, which is expected to begin operations in 2023.
Two other hydropower facilities in the pipeline are the 21-MW plant in Zamboanga del Norte and the 42-MW project in Negros Occidental.
“Eventually, renewable energy sources will comprise at least half of Alsons’ long-term energy mix,” Nicasio I. Alcantara, chairman and president of Alsons, said in a media release.
Alsons’ portfolio consists of four power facilities with a combined capacity of 468 MW. It provides power to 14 cities and 11 provinces in the Philippines.
On Monday, shares in the company slipped by 1.22% or P0.01 to close at P0.81 each. — Ashley Erika O. Jose