LISTED renewable energy company Citicore Renewable Energy Corp. (CREC) said its attributable net income more than doubled in the second quarter (Q2) to P305.47 million, driven by higher revenues.
Revenues increased by 16% to P1.26 billion from P1.09 billion a year ago, according to the company’s financial report released on Thursday.
Electricity sales grew by 19% to P1.08 billion, while lease income remained stable during the period. Service fees increased by 14.3% to P17.46 million.
For the first six months of the year, CREC registered a 64.2% increase in net income to P629.74 million from P456.4 million a year ago. Revenues grew by 27.9% to P2.67 billion from P2.09 billion in the previous year.
Growth was driven mainly by a 32% increase in electricity sales to P2.29 billion, benefiting from an expanded mix of off-takers composed of direct corporate and industrial clients, higher renewal rates of existing contracts, and programs under the government’s Feed-in-Tariff and Green Energy Auction.
Earnings before interest, taxes, and depreciation (EBITDA) also climbed by 22% to P932 million from P765 million.
“CREC’s pure renewable energy platform remains an attractive choice for direct customers such as corporates and industrials. We continue to expand our customer base through our renewable energy portfolio as well as our commitment to providing tailored and efficient energy solutions,” said CREC President and Chief Executive Officer Oliver Tan.
CREC recently closed a $120-million share subscription agreement with Indonesia’s state-owned Pertamina New and Renewable Energy (Pertamina NRE).
Under the partnership, Pertamina NRE subscribed to a 20% interest in CREC, giving CREC access to jointly explore renewable energy investments in Indonesia, including potential solar and wind projects and collaboration on carbon credit development and trading.
CREC aims to add 1 gigawatt (GW) of capacity annually to the Philippines’ energy mix, focusing on ready-to-build or under-construction projects over the next five years, targeting a total of approximately 5 GW by 2028.
The company manages a diversified portfolio of renewable energy generation projects, power project development operations, and retail electricity supply services.
CREC said it is set to energize its first hybrid solar-AgroSolar and battery facility in the second half of the year.
“Citicore can achieve baseload levels and fully maximize the use of the facilities by combining agriculture and solar generation,” Mr. Tan said. — Sheldeen Joy Talavera