ACR earnings rise 20% in 9 months

MANILA, Philippines — The nine-month core net profit of Alsons Consolidated Resources Inc. (ACR), the listed firm of the Alcantara group, grew by a fifth to P1.14 billion this year due to the improved performance of all its power plants.

In its financial report, ACR said it core net income attributable to parent doubled from P162 million to P323 million.

During the period, revenues slipped by three percent to P7.05 billion this year as the 2020 figure included the one-time gain from liquidated damages due to the delay of its engineering procurement and construction (EPC) contract.

ACR said revenues were still mainly driven by the improved performance of the Sarangani Energy Corp. (SEC) 1 and 2 plants, along with the continuing operations of Western Mindanao Power Corp. and Mapalad Power Corp. diesel plants.

Net finance charges declined by 16 percent to P1.27 billion on account of the decreasing loan balance of SEC 1 and 2.

ACR’s core net earnings for the third quarter amounted to P272.92 million.

Its 210-megawatt (MW) SEC baseload power plant, which is the key revenue and income driver for the company, provides power to key areas in Mindanao, including Sarangani province, General Santos, Cagayan de Oro, Iligan, Dipolog, Dapitan, Pagadian, Samal, Tagum, Kidapawan and Butuan.

With a total project cost of $570 million, the plant is the single largest investment in Sarangani province and Region 12.

ACR, which is Mindanao’s first private-sector power generator, has a portfolio of four power facilities with an aggregate capacity of 468 MW serving over eight million people in 14 cities and 11 provinces in the country’s second largest island.

The company is focusing on renewables, with the company’s first renewable energy facility, the P4.5-billion 14.5-MW hydroelectric power plant, which is under construction at the Siguil River basin in Sarangani province.

The Siguil hydro power plant will be the first of eight hydropower facilities that ACR plans to develop.