Alsons Consolidated Resources Inc., (ACR) posted an increase in full-year net income attributable to the parent in 2021. Full-year attributable net income rose 24% to P 405 million from P325 million in 2020. The publicly-listed company of the Alcantara Group reported that consolidated revenues for 2021 grew 6% to P10.05 billion from $9.47 billion in the prior year.

ACR’s 210 mega-watt (MW) Sarangani Energy Corporation (SEC) baseload power plant continued to be the key revenue and income driver for the company. SEC currently provides power to key areas in Mindanao including Sarangani Province, General Santos, Cagayan de Oro, and Iligan. ACR, which is Mindanao’s first private-sector power generator, has a portfolio of four power facilities with an aggregate capacity of 468 MW serving over eight million people in 14 cities and 11 provinces in the country’s second largest island.

For the long-term, ACR is slated to focus on renewables with the company’s first renewable energy facility-a 24.5 billion 14.5 MW hydroelectric power plant currently under construction at the Siguil River basin in Sarangani Province. The Siguil Hydro Power plant will be the first of eight hydropower facilities that ACR plans to develop.

The company recently received an issuer credit rating upgrade from the Philippine Rating Services Corporation (PhilRatings)to PRS Aa minus (corp.) from PRS A plus (corp). The rating upgrade was made in relation to ACR’s issuance of up to P3.0 billion in Commercial Papers (CP).

Among the factors cited by PhilRatings for the upgrade were: ACR’s “planned expansion projects which will further diversify its generation mix”; “the Company’s ability to establish joint ventures with strong partners for particular projects”; and ACR’s “strong profitability despite the ongoing COVID-19 pandemic.”