CITICORE Renewable Energy Corp. (CREC) said its net income more than doubled to P754.95 million in the second quarter (Q2) from P305.47 million a year earlier, driven by newly energized solar farms.
Revenues for the three months ended June rose by 29.4% to P1.63 billion, according to the company’s financial report released on Monday.
CREC attributed the increase to higher electricity sales, partly offset by lower service fees.
For the first half, net income more than doubled to P1.03 billion from P444.90 million a year earlier.
Revenues increased by 3% to P2.77 billion, driven by higher electricity sales and a shift in the company’s revenue mix toward long-term, government-backed renewable energy contracts.
“The net increase in electricity sales is attributable to the completion and energization of the new solar plants,” the company said.
Sales under the green energy auction and feed-in tariff programs accounted for 51% of revenues, up from 13% a year earlier.
“The significant improvement in our margins demonstrates the strength and scalability of our growing operating portfolio,” CREC President and Chief Executive Officer Oliver Y. Tan said.
“We are building on this momentum as we continue working to bring more projects online, expand our capacity, and strengthen our contribution to the country’s clean energy transition,” he added.
CREC, directly and through its subsidiaries and joint ventures, manages a portfolio spanning renewable energy generation, power project development, and retail electricity supply.
It operates solar facilities in the Philippines with a combined gross installed capacity of about 791 megawatt-peak (MWp).
The company said it has completed 1.2 gigawatts (GW) of installed capacity as it works toward its target of expanding its portfolio to about 5 GW by 2028.
“Reaching 1.2 GW in installed capacity is an important milestone for CREC, and we acknowledge that there is significant room to grow. Our next phase will be about translating this scale into capacity as we work toward our 5 GW target,” Mr. Tan said. — Sheldeen Joy Talavera

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