Alsons Logs 22% Increase In Net Income To PHP585 Million In Q2 2024

Alsons Consolidated Resources Inc. (ACR), an Alcantara Group-led company with diversified interests in energy, power, mining, and property development, reported a net income of PHP585 million for the second quarter of 2024.

The company is preparing to commence commercial operations of its 14.5-megawatt Siguil Hydro Power Project in Sarangani this year. I Photo: Alsons Power Group

This represents a 22% increase from the first quarter's PHP479 million. The company’s total income for the first half of 2024 reached PHP1.06 billion, according to its disclosure to the Philippine Stock Exchange (PSE).

 ACR’s revenue for Q2 2024 surged by 64% to PHP3.26 billion, compared to PHP1.99 billion in Q1, bringing total revenue for the first half of 2024 to PHP5.25 billion.

However, ACR noted that its net income for the first half of 2024 is slightly lower than the PHP 1.17 billion it earned during the same period in 2023.

The company’s total revenue for 1H 2024 also decreased by 14% compared to 2023, with the Mindanao earthquake in November 2023 cited as a contributing factor.

Philip Edward B. Sagun, ACR's Deputy Chief Financial Officer, commented, “We’ve made a solid recovery after the disruptions caused by the Mindanao earthquake last year. Our outlook for the rest of the year is positive.”

He attributed the growth in Q2 to heightened demand for electricity, driven by El Niño weather conditions, and significant contributions from the Wholesale Electricity Spot Market (WESM).

ACR also recently signed a deal with Holcim Philippines, where its RES company will supply 80% of the energy needs for Holcim’s facilities in Davao and Misamis Oriental.

Additionally, the company is preparing to commence commercial operations of its 14.5-megawatt Siguil Hydro Power Project in Sarangani this year, alongside developing other renewable energy projects in the Visayas and Mindanao regions.