Alsons Consolidated Resources, Inc. Posts P479 Million in Net Income in Q12024, Down 13%

In the first quarter of 2024, Alsons Consolidated Resources (ACR) reported a net income of P479 million, a 13% decrease from the P542.27 million reported for the same period in 2023.

With a net profit of P151 million, the parent company's net earnings for the first quarter of 2024 were 3% less than those of the prior year. During the same January-March period last year, revenues dropped by 21% from P3.31 billion to P2.62 billion in the first quarter.

"The lower income figures were mainly due to the forced outage experienced by Sarangani Energy Corporation’s Plant 1 from December 3, 2023 to February 20, 2024, caused by the magnitude 6.8 earthquake that hit Sarangani province” said ACR Deputy Chief Financial Officer Philip Edward B. Sagun.
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Even with the growing dip, ACR is still confident that it will close the year strongly.

With its present 468 megawatt total capacity, ACR provides power to over eight million people in the Mindanao region.
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ACR, which is dedicated to expanding the variety of power it offers, is going to start selling its 14.5 megawatt Siguil Hydro Power Project in Sarangani this year. In addition, the company is working on two other renewable energy projects in Mindanao and the Visayas: the 37.8-MW Siayan Hydro Power Project in Zamboanga and the 42-MW Bago Hydro Power Project in Negros Occidental.

​ACR is also anticipating the launch of its 95.2-megawatt In-Island Baseload Back-up Power Plant project in Brgy. Imelda, Ubay Municipality in Bohol. This facility will ensure a reliable power supply to the province in case it becomes isolated from the Visayas Grid due to emergencies or natural disasters.

​Alsons Consolidated Resources, Inc. (ACR) is a publicly-listed company of the Alcantara Group with subsidiaries engaged in power generation, property development, industrial estate management, and other investments.

ACR's power generation business unit has transformed itself into a major independent power producer in the fast growing Mindanao region and plays a key role in providing electricity to fuel Mindanao's growing population and expanding economy.