Citicore Renewable Energy Corp. (CREC) on Monday reported a 92-percent increase in net income to P1.2 billion in the first half from P630 million in the same period last year, driven by high-margin contributions from newly energized power facilities.
‘The significant improvement in our margins demonstrates the strength and scalability of our growing operating portfolio. 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,’ said CREC President Oliver Tan.
CREC has installed a total of 1.2 gigawatts (GW) of solar capacity, fulfilling its commitment to the Department of Energy (DOE) ahead of schedule. It is advancing new projects and expanding ones to achieve its 5 GW in 5 years.
‘We are encouraged by the progress we have made in expanding our operating portfolio. 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,’ added Tan.
The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 63 percent to P1.5 billion, significantly outpacing the 4-percent growth in revenues to P2.7 billion. Electricity sales continued to anchor CREC’s growth, contributing 87 percent of total revenues.
Sales under the Green Energy Auction (GEA) and Feed-in Tariff (FiT) programs expanded to 51 percent of revenues from 13 percent in the prior period.