Citicore Renewable Energy Reports 13% Revenue Increase In H1 2024, Boosted By Growth In Electricity Sales

Citicore Renewable Energy Corporation (CREC) reported a 13% increase in revenue to PHP 2.09 billion for the first half of 2024, driven largely by a 15% rise in electricity sales. The company’s electricity sales climbed to PHP 1.73 billion from PHP 1.5 billion in the previous year, accounting for 83% of its total revenue.

The increase in revenue is attributed to stronger sales to commercial and industrial customers, which rose by 11% to PHP 1.08 billion. Additionally, revenues from the government’s Feed-In-Tariff (FIT) program totaled PHP 271.82 million, and sales through the Wholesale Electricity Spot Market (WESM) reached PHP 57.84 million.

Earnings before interest, taxes, and depreciation (EBITDA) improved by 6% to PHP 765 million from PHP 723 million, while net income stood at PHP 456 million.

CREC President and CEO Oliver Tan credited the company’s strong performance to its portfolio of 10 solar power facilities, which collectively have a gross operating capacity of 285 megawatts (MW). This makes CREC the second largest solar platform in the Philippines. The company focuses on ensuring optimal performance of its plants to support grid capacity during peak demand.

In June, CREC successfully listed on the Philippine Stock Exchange (PSE), raising PHP 5.3 billion. This included a USD 12.5 million investment from the UK Government’s MOBILIST programme, marking its first investment in the Philippines and supporting sustainable development in the country.

Looking ahead, CREC is rapidly advancing the construction of its first 1,000 MW project and anticipates a more dynamic 2025. Tan emphasized that the full impact of these power generation projects will be realized next year, as ongoing projects come online. The company aims to expand its solar capacity and reach its target of 5 gigawatts within five years.