ACR Net Income Rises 11% in 2024

Alsons Consolidated Resources (ACR), the publicly listed company of the Mindanao-focused Alcantara Group, reported an 11% increase in its net income for 2024 – rising to Php2.53 billion from Php2.28 billion in 2023.

Alsons Consolidated Resources (ACR), the publicly listed company of the Mindanao-focused Alcantara Group, reported an 11% increase in its net income for 2024 – rising to Php2.53 billion from Php2.28 billion in 2023. This growth was primarily driven by rising electricity demand, favorable trading opportunities in the Wholesale Electricity Spot Market, and the successful launch of its Retail Electricity Supply (RES) unit. Furthermore, the company’s performance last year reflects the value of  ACR’s strategic initiatives and investments and its continued commitment to expanding its presence in the energy sector while capitalizing on market dynamics.

“In the first quarter of 2024, we faced disruptions caused by the 2023 Mindanao earthquake. Despite this challenge, we demonstrated resilience and achieved a strong recovery, closing the year with solid financial performance,” said ACR Deputy Chief Financial Officer Philip Edward B. Sagun.

Sagun attributed ACR’s financial growth to the continued performance of the 237-Megawatt Sarangani Energy Corporation, which remains one of the most cost-efficient baseload power sources in Mindanao. Additionally, the implementation of the ancillary services agreements for Western Mindanao Power Corporation in Zamboanga and Mapalad Power Corporation in Iligan played a vital role in bolstering the company’s earnings.

“We are confident that our growth prospects will continue, fueled by the anticipated increase in power demand and our strategic focus on expanding our RES portfolio,” Sagun added.

In 2024, ACR achieved key milestones, including the completion and operational launch of its first renewable power plant—the 14.5-MW Siguil Hydropower Plant in Sarangani. The company’s new RES unit has also gained momentum, securing major clients such as Holcim Philippines and Metro Retail Stores Group, Inc., with a combined contracted capacity of 43 MW.

“We remain steadfast in our commitment to expanding our renewable energy portfolio, with several projects currently under development. This year, we are targeting to launch our first large-scale solar power project in Mindanao, marking a significant milestone in our sustainability strategy,” Sagun concluded.

This press release has also been published on VRITIMES