Alsons Consolidated Resources, Inc. Soars Net Income for 2023 Increased by 22% to PHP 2.285 Billion

The publicly listed Alsons Consolidated Resources, Inc. (ACR), which is part of the Mindanao-anchored Alcantara Group, reported a 22% increase in net income in 2023 to P2.285 billion from P1.875 billion in 2022. This increase highlighted the rising need for electricity in Mindanao's main markets. ACR also recorded 3% growth in revenue, generating P12.4 billion in 2023.

"ACR's strong financial performance last year is attributed to the growning power demand in Mindanao. Aside from this, our participation in the Wholesale Electricity Spot Market in Mindanao has opened additional revenue streams for the company, contributing to our financial growth," said ACR Deputy Chief Financial Offier Philip Edward B. Sagun.
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ACR is confident about its growth trajectory going forward, especially in light of the anticipated rise in power consumption to sustain the Philippines' 6.5% annual economic growth through 2028. In 2024, the corporation is prepared to increase the scope of its business expansion and portfolio diversification.

Last year, ACR ceremoniously broke ground for its 95.2 MW baseload backup power plant project in Barangay Imelda, Ubay Municipality in Bohol, signaling the company's debut into the Visasyas market. This plant would provide Boholanos with a backup supply of electricity in the event that natural catastrophes or other calamities isolate the province from the Visayas grid.

Four power facilities with a combined capacity of 468 mW in ACR's portfolio serve more than eight million people in 14 cities and 11 provinces. In order to meet the Department of Energy's target of a 35% renewable energy (RE) mix by 2030 and a 50% RE mix by 2040, the corporation wants to increase its capacity for renewable energy. The 14.5-MW Siguil Hydro Power Plant in Sarangani, the 37.8-MW hybrid Siayan Hydro-Solar Power Plant in Zamboanga del Norte, and the 42-MW Bago Hydo Power Plant in Negros Occidental are the three renewable projects it is currently developing.

​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.