LISTED A Brown Co. Inc. (ABCI) said it is expecting further growth as the company expands with new investments in the property and power sectors.
The company’s subsidiary Vires Energy Corp. is developing a 450-megawatt (MW) liquefied natural gas power project in Simlong, Batangas City, ABCI said in an e-mailed statement on Monday.
ABCI also said that its subsidiary Northmin Renewables Corp. is progressing with the Misor Wind Power and Bukidnon Wind Power projects and is preparing to start the wind monitoring campaign later this year.
Next month, the company’s subsidiary Irradiation Solutions, Inc. (ISI) will commence the commercial operations of its electron-beam and cold storage facility in Tanay, Rizal. ISI is expected to contribute to ABCI’s bottom line starting next year.
“The support and trust of our financial partners, brokers, sales producers, and all stakeholders were crucial to our success in 2023, and we look forward to sharing our achievements with you in 2024,” ABCI Chief Executive Officer and President Robertino E. Pizarro said.
Other ABCI affiliates in the power sector include Palm Concepcion Power Corp., which operates a coal-fired power plant in Iloilo, and Peakpower Energy, Inc., which is engaged in bunker-fired power projects.
Meanwhile, ABCI has a pipeline of township development launches, such as the 280-hectare Mountain Pines Farm Estates in Bukidnon, which plans for an 18-hole golf course, and the 300-hectare Epic Mountain estate in Tanay, Rizal.
ABCI will also launch vertical residences, including Coral Bay Suites’ The Royale and The Navy Towers in Misamis Oriental, and Highlands Fairway Suites in Butuan.
The company, a Mindanao-based property developer, has interests in other sectors such as power generation, public utilities, and agribusiness.
For the first quarter, ABCI recorded a 29% decline in net income to P79.4 million from P111.95 million last year. Revenue for the January to March period increased by 22% to P287.63 million, while costs and expenses rose by 81% to P133.23 million.
ABCI shares fell by 1.56% or one centavo, finishing at 63 centavos each on Monday. — Revin Mikhael D. Ochave