LISTED Alsons Consolidated Resources, Inc. (ACR) reported consolidated net income of P274.48 million for the first nine months of the year, up 15.2 percent from a year ago, driven by robust revenue growth of its coal-fired power plant in Sarangani.
“For the nine-month period ended September 30, 2017, Sarangani Energy Corporation’s [SEC] Section 1 continue[s]to be the main revenue driver of the Company, contributing P3.1 billion in revenues,” the company told the stock exchange.
For the third quarter alone, consolidated net income touched P83.97 million from P81.36 million in 2016, Alsons said.
Parent net income for the first nine months rose 6.9 percent to P117.66 million from P110.04 million a year ago.
Consolidated revenues for the nine months reached P5.22 billion, up 6.7 percent from the P4.88 billion recorded in the previous year.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) climbed 73.8 percent to P1.28 billion from P718 million a year ago, while EBITDA margin surged 35 percent from 23 percent previously.
ACR said the increase in revenues was mainly due to the robust revenue growth of the first 105-megawatt (MW) section of the company’s 210-MW coal-fired baseload power plant in the municipality of Maasim in the province of Sarangani under SEC.
Since the first 105-MW section of the SEC commenced operations in April 2016, it has been supplying baseload power to more than three million people in four provinces, three cities and other major population centers of Mindanao.
Alsons said the second 105-MW section of the Sarangani plant, set to be completed in 2019, is poised “to contribute another 105 MW of baseload power to serve four more provinces, another city, and other key areas of Mindanao.
The coal-fired power plant is the firm’s largest power investment in Sarangani and in Region 12 amounting to almost $600 million (P30.74 billion).
ACR, the first independent power producer in Mindanao, is a publicly listed company of the Alcantara Group with subsidiaries engaged in power generation, property development, industrial estate management, and other investments.
The company currently operates three diesel power plants: the 103-MW Mapalad Power Corp. diesel plant in Iligan City, the 100-MW Western Mindanao Power Corp. facility in Zamboanga City, and the 55-MW Southern Philippines Power Corp. plant in the municipality of Alabel in the Sarangani province.
Shares of Alsons added 0.74 percent to end at P1.36 on Friday.