Alsons Consolidated Resources, Inc. posted a 72.8% increase in its first-quarter net income attributable to the parent firm to P155.84 million from P90.16 million a year ago on steady power demand.
In a regulatory filing on Monday, the company said its first-quarter revenues rose 24.3% to P3.32 billion from P2.67 billion in the same period last year.
“The first quarter of 2023 saw steady power demand from our key power markets in Mindanao,” Alsons’ Deputy Chief Financial Officer Philip Edward B. Sagun said in a statement.
The company attributed the revenue rise to its 210-megawatt (MW) Sarangani Energy Corp. and 100-MW Western Mindanao Power Corp.
In the January-to-March period, Alsons recorded a net income of P542.28 million, 67.3% higher than the P324.07 million a year ago.
Alsons said its Sarangani power plant supplies power to several areas in Mindanao such as Sarangani province, General Santos, Cagayan de Oro, Iligan, Dipolog, Dapitan, Pagadian, Samal, Tagum, Kidapawan, and Butuan.
The company said its Western Mindanao Power plant is the sole major power generation facility in Zamboanga Peninsula, supplying power to Zamboanga City, while also providing ancillary services to the National Grid Corp. of the Philippines to help stabilize the Mindanao power grid.
Alsons said it is now focusing on expanding its renewable energy capacity in the next few years.
Currently, it has eight run-of-river hydroelectric power facilities in the pipeline.
Alsons said its 14.5-MW Siguil hydropower plant is expected to start operations by yearend, while two other renewable energy facilities are poised for development.
These are the hydropower and solar power projects in Zamboanga del Norte, with a potential combined capacity of about 37.8 MW; and a hydropower project in Bago River in Negros Occidental with an expected capacity of 42 MW.
To date, Alsons has four power facilities with a combined capacity of 468 MW. The company serves 14 cities and 11 provinces in the country.
At the local bourse on Monday, shares in the company fell by two centavos or 2.53% to end at P0.77 apiece. — Ashley Erika O. Jose