Alsons Consolidated Resources Inc., the listed company of the Alcantara Group, said Thursday net income last year rose 22 percent to P2.29 billion, fueled by stronger demand for power in Mindanao.
Alsons Consolidated, whose power generation portfolio has a total capacity of 468 megaWatts serving 8 million people, saw a 3 percent growth in revenue to P12.4 billion. It is expanding its renewable energy to help the Department of Energy achieve its goal of increasing green energy contribution to 35 percent of demand by 2030 and to 50 percent by 2050.
Philip Edward Sagun, deputy chief financial officer of Alsons Consolidated, said the company’s participation in the Wholesale Electricity Spot Market in Mindanao has provided an additional revenue stream and helped lift earnings.
The company is optimistic of its prospects this year as economic expansion, seen averaging 6.5 percent, would require higher demand for power. The company is also looking to expand and diversify its investment portfolio.
Last year, Alsons Consolidated broke ground on a 95.2-MW base load power plant in Bohol, an island in the Visayas dependent on agriculture and tourism.
