Alsons Consolidated Resources, Inc. Records P585 Million Q22024 Net Income, Marking a 22% Growth from Q12024

Alsons Consolidated Resources Inc. (ACR), a publicly listed company under the Alcantara Group, reported strong financial results for the second quarter of 2024, with a net income of P585 million, a 22% increase from the first quarter’s P479 million. This brings the company’s total income for the first half of the year to P1.06 billion. However, this is slightly lower than the P1.17 billion earned in the first half of 2023.

Net income attributable to the parent company improved to P362 million for the first half of 2024, up from P346 million in the same period last year. In the second quarter alone, the attributable earnings were P211 million, a 40% jump from the P151 million in Q1.

ACR’s revenue for Q2 2024 surged by 64% to P3.26 billion, compared to P1.99 billion in Q1. The total revenue for the first half of 2024 was P5.25 billion, 14% lower than the same period in 2023.

The growth in Q2 was largely fueled by the heightened demand for electricity, driven by El Niño weather conditions. Additionally, the WESM market remains a significant contributor to this increase.

“We’ve made a solid recovery after the disruptions caused by the Mindanao earthquake last year, November 2023,” said Philip Edward B. Sagun, ACR Deputy Chief Financial Officer. “Our outlook for the rest of the year is positive, bolstered by our new ASPA with NGCP and the opportunities presented by the RCOA Market in Mindanao.”

ACR recently signed a deal with Holcim Philippines, whereby its RES company will supply 80% of the energy needs for Holcim’s facilities in Davao and Misamis Oriental. ACR considers Holcim Philippines, a leader in innovative and sustainable building materials in the country, to be a strategic partner. This partnership highlights ACR’s commitment to supporting businesses in achieving their development goals.

“We look forward to collaborating with other industry players, particularly in the Visayas region, where a power supply shortage is forecasted for next year. As an RES supplier, we are committed to providing tailored power supply options designed to reduce costs and support the operational and sustainability goals of our partners,” Sagun added.

ACR currently has an aggregate capacity of 468 Megawatts, serving more than eight million people in the Mindanao region. Committed to diversifying its power portfolio, ACR is set to commence commercial operations of its 14.5-megawatt Siguil Hydro Power Project in Sarangani this year. Additionally, the company is developing two other renewable energy projects in the Visayas and Mindanao: the 42-MW Bago Hydro Power Project in Negros Occidental and the 37.8-MW Siayan Hydro & Solar Power Project in Zamboanga.