Citicore Renewable Energy Corp. (CREC) recorded a flat growth in its net income in the first six months of 2024 to P456.40 million, as revenues went up 13 percent to P2.09 billion.
CREC said Thursday revenues amounted to P2.09 billion in the six-month period, up 12 percent from P1.853 billion in 2023 on higher electricity sales.
Electricity sales consisted of revenues from commercial and industrial customers which rose 11 percent to P1.08 billion from P974.55 million.
The rest of the company’s electricity sales included revenues from the government’s feed-on-tariff (FIT) program which generated P271.82 million and sales through the Wholesale Electricity Spot Market (WESM) that totaled P57.84 million.
“CREC attributes this robust performance to our portfolio of 10 operating solar power facilities with a combined gross operating capacity of 285 megawatts (MW), making us the second largest solar platform in the country. We ensure optimal performance in our plants to augment grid capacity for peak demand requirements,” said CREC president and chief executive Oliver Tan in a statement.
CREC posted a 6-percent improvement in earnings before interest, taxes and depreciation (EBITDA) to P765 million from P723 million.
CREC said, however, cost of services rose to P1.4 billion from P1.2 billion in the same period last year due to additional third-party supply arrangements.
CREC listed on the Philippine Stock Exchange (PSE) in June 2024, raising P5.3 billion, which included a $12.5-million investment from the UK government’s MOBILIST programme.
Tan said that with the construction of CREC’s first 1,000 MW in full speed, the company expects a more exciting 2025.
“The full impact of the power generation revenues will be felt next year since projects currently under construction will start to be energized by then. We will focus on adding solar capacity and looking at other opportunities that take us closer to our 5 gigawatts in 5 years goal,” he said.
