Citicore Renewable Energy’s Q1 net income rises 15.4% to P137.89M

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CREC.COM.PH

LISTED renewable energy developer Citicore Renewable Energy Corp. (CREC) booked an attributable net income of P137.89 million for the first quarter (Q1), up 15.4% from the previous year, driven by higher electricity sales.

Revenues grew by 40.7% year on year to P1.41 billion, buoyed by the increase in electricity sales and service fees, based on the company’s financial report.

For the first three months, electricity sales increased by 46.7% year on year to P1.21 billion due to an expanded customer base.

“Our double-digit growth in electricity sales is a testament to the market’s belief in Citicore’s ability to deliver end-to-end renewable energy solutions for our climate-conscious customer base,” CREC President and Chief Executive Officer Oliver Tan said in a media release on Thursday.

Service fees more than doubled to P1.21 billion, while lease income remained at the same level as last year at P162.34 million.

Operating expenses, on the other hand, increased by 16% to P31.81 million versus last year’s P27.36 million due to some outside services procured during the period.

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.

At present, the company holds a combined gross installed capacity of 285 megawatts from its solar facilities across the Philippines.

The company is expecting its first gigawatt (GW) of projects to come online this year. This goal is part of the company’s vision to energize 5 GW of renewable energy within five years.

The company is currently constructing solar projects in Batangas, Pangasinan, Pampanga, Quezon, and Negros Occidental.

“The energization of our first gigawatt is a game changer for CREC, solidifying our role as a major force in the Philippine renewable energy sector,” Mr. Tan said.

Shares of the company climbed 1.07% to P3.79 apiece on Thursday. — Sheldeen Joy Talavera