Alsons Consolidated Resources Inc. listed on Friday P620 million worth of commercial papers with the Philippine Dealing and Exchange Corp.
The amount represents the first tranche of the company’s P3 billion commercial paper program. This is the third CP program for the publicly-listed company of the Alcantara Group, which conducted its first CP issuance in 2018.
“Our continuing partnership with PDEx has helped us in fulfilling our commitment to provide clean, reliable, affordable, and renewable energy for the people of Mindanao and key areas of the Visayas,” Alsons chairman and president Nicasio Alcantara said.
Proceeds from the latest issuance will be used for general working capital purposes.
The company’s board approved on Aug. 25, 2022 the issuance of new short-term commercial papers worth P3 billion to be issued in one or more tranches.
“In the coming years, renewable energy will comprise at least half of ACR’s energy portfolio. The steadfast support of partners like you has helped make all this possible while allowing us as well to provide investors with an attractive alternative investment outlet thru our CP issuances,” Alcantara said.
The company is developing renewable energy projects with around eight run-of-river hydroelectric power facilities in the pipeline.
It is constructing the 14.5-megawatt Siguil hydro plant in Maasim, Sarangani province which is expected to begin operations next year.
Alsons posted an 18-percent increase in net earnings for the first nine months to P1.35 billion from P1.14 billion recorded in the same period last year.
Net earnings in the third quarter surged over 140 percent to P658.22 million from P272.93 million in the same period last year. Revenues amounted to P9.25 billion in the first nine months and P3.85 billion in the third quarter.
Revenues were higher than 2021’s nine-month revenue 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 continuing recovery from the effects of the pandemic, the company said.