Alsons Consolidated Resources Inc., the publicly-listed company of the Alcantara Group, saw first-half net earnings rise 70 percent to P1.17 billion from P689 million a year ago, led by the strong performance of power units.
Alsons said in a disclosure to the stock exchange Monday net earnings in the second quarter also increased 65 percent to P605.28 million from P364.93 million a year earlier.
Net income attributable to the parent grew 91 percent to P346.14 million in the first half from P180.68 million last year. Second-quarter attributable net earnings reached P255.98 million, up by 182 percent from P90.51 million a year ago.
Alsons said revenues rose to P6.9 billion in the first six months from P5.4 billion generated in the same period in 2022. Second-quarter revenues were also higher at P3.6 billion, compared to P2.73 billion last year.
The company said its 210-megawatt Sarangani Energy Corp. baseload power plant and the 100-MW Western Mindanao Power Corp. continued to be income drivers.
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 Corp. of the Philippines to help stabilize the power grid in Western Mindanao.
Alsons said it focused on building up renewable capacity in the next few years as part of its revenue and generation diversification program.
The company is developing the 14.5-MW Siguil hydro power plant in Maasim, Sarangani which is expected to begin operations before the end of this year.
It also lined up hydro and solar power projects in Zamboanga del Norte with a potential combined capacity of up to 37.8 MW, and a hydro power project on Bago River in Negros Occidental with a planned capacity of up to 42 MW.
The company has a portfolio of four power facilities with an aggregate capacity of 468 MW that serve over eight million people in 14 cities and 11 provinces in Mindanao.