ALSONS Consolidated Resources, Inc. (ACR) on Thursday reported a 24% increase in its 2021 net income attributable to equity holders due to higher revenues, which was largely driven by its power segment.
Last year, ACR’s attributable net income climbed to P405 million from the P325 million logged in 2020, the company said in a press release filed with the stock exchange.
“The publicly listed company of the Alcantara Group reported that consolidated revenues for 2021 grew 6% to P10.05 billion from P9.47 billion in the prior year,” ACR said.
It said the 210-megawatt (MW) Sarangani Energy Corp. baseload power plant remains the key revenue and income driver for the company, although it did not state details of the unit’s contribution to ACR’s total income.
Earlier, the company was granted a rating upgrade of PRS Aa minus (corp) from PRS A plus from the Philippine Rating Services Corp. (PhilRatings) for its third P3-billion issuance of commercial papers.
The rating upgrade was due to the firm’s “strong profitability” despite the pandemic, its planned expansion projects that is expected further diversify its power generation mix, and its “ability to establish joint ventures.”
The proceeds of the issuance will be allotted for the company’s general working capital. The company also said that its board of directors appointed RCBC Capital Corp. as its new lead underwriter and joint issue manager for its remaining commercial papers.
The first tranche of the issuance worth P1.4 billion was used last year and was listed at the Philippine Dealing & Exchange Corp. (PDEx) in July 2021, while the second tranche of P600 million was listed in November 2021.
The company is building a 14.5-MW hydroelectric power plant at the Siguil River basin in Sarangani, an addition to its four power facilities with an aggregated capacity of 468 MW, covering 14 cities and 11 provinces in Minda-nao.
ACR shares at the stocks exchange climbed six centavos or 5.83% to close at P1.09 each on Thursday. — Marielle C. Lucenio