Alsons Consolidated Resources Inc. said Monday net earnings grew 18 percent in the first nine months to P1.35 billion from P1.14 billion in the same period last year.
Net earnings in the third quarter surged over 140 percent to P658.22 million from P272.93 million a year ago.
The publicly-listed company of the Alcantara Group said revenues reached P9.25 billion in the first nine months and P3.85 billion in the third quarter.
Revenues rose from 2021’s nine-month total of P7.05 billion and third quarter revenue of P2.42 billion.
The steady rise in revenues from operations was mainly due to the constant improvement in power demand in Mindanao with the reopening of the economy and sustained recovery from the effects of the pandemic, the company said.
“We expect power demand in Mindanao to be stable for the rest of the year,” said Alsons deputy chief financial officer Philip Edward Sagun.
The 210-megawatt Sarangani Energy Corp. baseload power plant continued to be the key revenue and income driver for the company.
SEC provides power to key areas in Mindanao, including Sarangani province, General Santos City, Cagayan de Oro City, Iligan City, Dipolog City, Dapitan City, Pagadian, Samal, Tagum, Kidapawan and Butuan.
The company’s 100-MW Western Mindanao Power Corp. diesel plant in Zamboanga City also contributed to the higher revenues.
WMPC is the only major power generation facility in the Zamboanga Peninsula, providing power to Zamboanga City and supplying vital ancillary services to the National Grid Corporation of the Philippines to help stabilize the power grid in the Western Mindanao Region.
Alsons is also building up its renewable energy capacity in the next few years, with around eight run-of-river hydroelectric power facilities in the pipeline.
The first hydroelectric power plant is the 14.5-MW Siguil hydropower plant under construction in Maasim, Sarangani which is set to begin operations by 2023.
Alsons is also developing a 21-MW hydropower project in Zamboanga del Norte and a 42-MW hydropower facility in the Bago River in Negros Occidental province.
Alsons chairman and president Nicasio Alcantara said renewable energy sources would eventually comprise at least half of the company’s long-term energy mix.
The company has a portfolio of four power facilities with a combined capacity of 468 MW serving over eight million people across 14 cities and 11 provinces in Mindanao.
