ALSONS Consolidated Resources Inc. (ACR) reported a net income of P1.35 billion in the first nine months of 2022, an increase of 18 percent from P1.14 billion posted in the same period last year.

Alsons said net income for the third quarter alone increased by over 140 percent to P658.22 million as compared to P272.93 million in July to September 2021.

ACR's nine-month revenues totaled P9.25 billion, up 31.2 percent from P7.05 billion in January to September 2021. Revenues for the third quarter likewise increased by 59 percent to P3.85 billion from last year's P2.42 billion.

'The steady rise in revenues from operations during this period was mainly due to the constant improvement in power demand in Mindanao, as day-to-day activities on the island continue to normalize and recover from the effects of the pandemic,' ACR said.

ACR is now focused on building up its renewable energy capacity in the next few years, with around eight run-of-river hydroelectric power facilities in the company's pipeline. The first of these hydroelectric power plants is the 14.5-megawatt (MW) Siguil Hydro power plant currently under construction in Maasim, Sarangani, which is targeting to begin operations in 2023.

The next two hydro power facilities slated for development are a hydro power project in Zamboanga del Norte with a capacity of up to 21 MW and a hydro power project in the Bago River in Negros Occidental with a planned capacity of up to 42 MW.