Alsons reports 11% income growth in 2024

Alsons Consolidated Resources Inc. (ACR), led by Alcantara, reported an 11% increase in net income for 2024. The total income rose to 2.53 billion pesos, up from 2.28 billion pesos in 2023. The growth was driven by higher energy demand and improved market conditions. Despite facing disruptions from the Mindanao earthquake in early 2024, ACR managed to recover well. The company’s deputy CFO, Philip Edward Sagun, highlighted their resilience and solid financial results. Rising electricity needs and favorable conditions in the Wholesale Electricity Spot Market contributed to the profitability. ACR’s strategic efforts, including increasing its renewable energy initiatives, also played a significant role in the income rise. The continuous operation of various power plants, such as the 237-megawatt Sarangani Energy Corp. plant, enhanced its earnings. Looking ahead, ACR remains optimistic about future growth, expecting increased power demand. They are focused on expanding their retail electricity supply unit and launched the 14.5-MW Siguil Hydropower Plant last year. Additionally, they secured supply agreements with major clients, including Holcim Philippines. In line with their sustainability goals, ACR plans to introduce its first large-scale solar power project in Mindanao this year. Recently, they raised 1.6 billion pesos from the sale of commercial debt papers to support their expansion plans.