Alsons Reported P1.88 Billion Net Income in 3Q 2024, Up 6%

​Alsons Consolidated Resources Inc. (ACR), the listed company of the Alcantara Group reported a steady growth for the third quarter of 2024, with net income reaching P1.88 billion—a 6% increase compared to P1.77 billion in the same period last year, and a significant rise compared to the P1.06 billion in net income generated in the first half of the year.

Net income attributable to the parent company also showed a strong 20% year-on-year growth, climbing to P604 million for the first nine months of 2024.
 
"This quarter's financial performance stems from the stable profit margins across our power generation assets and the growing demand for electricity in the region. Additionally, the implementation of the ASPA of our Zamboanga and Iligan power plants has contributed to these favorable results," stated Philip Edward B. Sagun, ACR's Deputy Chief Financial Officer. "The positive growth trajectory of ACR underscores our strong commitment to sustainable financial performance."
 
ACR's power plants in Zamboanga and Iligan have been providing essential ancillary services to the National Grid Corporation of the Philippines (NGCP), helping to ensure power stability and reliability in the region. In May of this year, ACR's Western Mindanao Power Corporation in Zamboanga received its provisional authority fron the Energy Regulatory Commission for a firm Ancillary Services Procurement Agreement (ASPA) with the NGCP.
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ACR's EBITDA remained consistent at P4.1 billion, in line with the same period last year, reflecting the company's continued operational efficiency and resilience.
 
Meanwhile, the company's retail electricity supply has further boosted the net income this quarter.
 
"We are actively expanding our retail electricity supply portfolio, and we are optimistic about adding more customers as we continue to strengthen our presence in the market," Sagun added.
 
"The company is also focused on building its renewable energy portfolio with several solar and hydro power projects at different stages of development and implementation. Recently, ACR completed its first hydro power project in Maasim, Sarangani—the 14.5-megawatt Siguil Hydro Power Plant."