Citicore Renewable Energy Corp. (CREC) said Tuesday its net income increased 11 percent to P1 billion in 2024 from P910 million in 2023 on the back of a 40-percent surge in revenues.
CREC said in a disclosure to the Philippine Stock Exchange its revenues reached P5.1 billion in 2024 from P3.7 billion the previous year.
“The robust growth in our electricity sales greatly contributed to our increased revenue. We thank our customer base for the trust they place in our pure renewable energy portfolio. We are optimistic that we will gain further momentum as we energize our first gigawatt, which will benefit from our off-take contract with the government through the Green Energy Auction program,” said CREC president and chief executive Oliver Tan.
It said the growth was driven by a 42-percent increase in electricity sales to P4.2 billion, which benefitted from an increase in customers and higher generation output in its diversified portfolio of off-takers.
These are composed of direct corporate and industrial clients, sales under the government’s Feed-In-Tariff (FIT) program and direct selling to the Wholesale Electricity Spot Market (WESM).
Earnings before interest, taxes and depreciation (EBITDA) also improved 16 percent to P1.8 billion from P1.5 billion in 2023.
CREC said 2024 was a milestone year after it conducted its initial public offering in the Philippine Stock Exchange on June 7, raising P5.3 billion ($90.4 million), including a $12.5 million (P733 million) investment from the UK Government’s MOBILIST program as an anchor investor in the offering.
“CREC’s goal to energize 5 gigawatts of renewable energy in 5 years is in full speed. We made great strides in 2024, from our capital market debut to strategic partnerships locked in, bringing us closer to energizing our first GW this year. We remain committed to contributing to the government’s renewable energy targets, and our vision of powering a first-world Philippines with pure renewable energy,” Tan said.
CREC’s 13 projects received certificates of energy project of national significance (CEPNS) from the Department of Energy in the third quarter of 2024, fast-tracking their implementation.
The company also reached a milestone in October 2024 when CREC chose Levanta Renewables, backed by UK-based RE platform Actis, to be its partner for the company’s first foray into onshore wind.
CREC also secured supply agreements with solar PV industry leader Trina Solar for 2 GW worth of PV modules and forged a supply agreement with Sungrow for 1.5GW worth of battery energy storage solutions (BESS) last year.