The company’s net profits from the parent in 2020 more than doubled to P325 million compared with the previous year, Alcantara-led Alsons Consolidated Capital Inc. (ACR) said on Friday.
In a quote, ACR gave the complete operations of its power stations in Mindanao the improved revenues.
Alcantara Group listed entity reported total combined sales of P1.87 billion last year, almost double the 2019 amount for P974 million.
ACR executive vice president Tirso, G Santillan said in a statement that our power plants continue to dispatch energy to our customers in order to guarantee the connection of citizens from Mindanao to a stable and constant power supply in those tough times.
Consolidated sales of the company in 2020 rose by P6.8 billion in 2019 to P9.47 billion.
“We will continue this year our new power projects in the province of Sarangani, Zamboanga City, Northern Zamboanga and Western Negros. This is our own contribution to our country’s economic recovery by helping to create new employment and boost local economies in these regions.”
ACR is constructing a hydro power generation project in Maasim, Sarangani, with 14,5 megawatts (MW). The firm announced that it will launch commercial operations at the beginning of 2022. ACR’s first clean energy initiative would be the hydro scheme.
The company plans, in different stages of its expansion, to concentrate on renewables with at least seven other hydro-powered plants.
The 22 MW Siayan hydroelectric project (Sindangan) in Zamboanga del Norte, and the 42 MW Bago hydroelectric power plant in Negros Occidental, ACR also has two water systems in its pipeline.
Earlier this year ACR reported that it has allocated approximately EUR 6.54 billion for four under construction plants, including three hydro- and one thermal baseload facility, as capital expenses (capex).