Alsons Reports Decreased Net Income And Revenues In Q1-2024

Alsons Consolidated Resources (ACR) has reported a decline in its financial performance for the first quarter of 2024.

The company's net income dropped to PHP479 million, representing a 13% decrease from the PHP542.27 million recorded in the same period last year. I Photo: Alsons Power Group

The company's net income dropped to PHP479 million, representing a 13% decrease from the PHP542.27 million recorded in the same period last year. Revenues also fell by 21%, amounting to PHP2.62 billion compared to PHP3.31 billion during the first quarter of 2023.

Net earnings attributable to the parent company also saw a decline, with a net profit of PHP151 million, which is 3% lower than the previous year.

Philip Edward B. Sagun, Deputy Chief Financial Officer of ACR, attributed the lower income figures to a forced outage at Sarangani Energy Corporation’s Plant 1, caused by a magnitude 6.8 earthquake that struck Sarangani province from December 3, 2023, to February 20, 2024.

Despite these setbacks, ACR remains optimistic about its performance for the rest of the year. The company currently has an aggregate capacity of 468 megawatts, serving over eight million people in the Mindanao region.

As part of its strategy to diversify its power portfolio, ACR plans 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: the 42-MW Bago Hydro Power Project in Negros Occidental and the 37.8-MW Siayan Hydro Power Project in Zamboanga.

Furthermore, ACR anticipates the launch of its 95.2-megawatt In-Island Baseload Back-up Power Plant project in Brgy. Imelda, Ubay Municipality, Bohol.

This project aims to ensure a reliable power supply to the province, particularly in cases where it might become isolated from the Visayas Grid due to emergencies or natural disasters.