CITICORE Renewable Energy Corp. (CREC) reported a 10.8% increase in attributable net income for 2024, reaching P618.3 million, driven primarily by a 42% rise in electricity sales.
Revenues surged by 40%, rising to P5.1 billion from P3.7 billion in the previous year, primarily due to increased electricity sales, the company said in a statement on Tuesday.
Electricity sales grew by 42%, reaching P4.2 billion, largely as a result of a higher customer base and improved generation output from its portfolio of off-takers.
“The robust growth in our electricity sales significantly contributed to the revenue increase. We thank our customer base for the trust they place in our pure renewable energy portfolio,” said CREC President and Chief Executive Officer Oliver Tan.
“We are optimistic that we will continue to gain momentum as we energize our first gigawatt, which will benefit from our off-take contract with the government through the Green Energy Auction program,” he added.
Earnings before interest, taxes, and depreciation (EBITDA) rose by 16%, increasing to P1.8 billion from P1.5 billion in the prior year, the company said.
CREC’s goal of energizing 5 gigawatts of renewable energy over the next five years is “in full speed,” according to Mr. Tan.
The company said that 13 of its projects have been certified by the Department of Energy as energy projects of national significance, allowing for the expedited implementation of these projects.
CREC, directly and through its subsidiaries and joint ventures, manages a diversified portfolio of renewable energy generation projects, power project development operations, and retail electricity supply services.
Currently, the company holds a combined gross installed capacity of 285 megawatts from its solar facilities across the Philippines.
At the local bourse on Tuesday, shares of the company increased by 1.87%, closing at P3.82 per share. — Sheldeen Joy Talavera
