CREC reports 10.8% net income growth, ₱618.3M profit

Citicore Renewable Energy Corporation (CREC) reported a 10.8 percent increase in net income for 2024, reaching ₱618.3 million.

The company's revenues grew by 40 percent to ₱5.1 billion and earnings before interest, taxes, and depreciation (EBITDA) rose by 16 percent to ₱1.8 billion, primarily driven by a 42 percent surge in electricity sales.

CREC attributed its strong financial performance to increased generation output and an expanded customer base, with electricity sales reaching ₱4.2 billion.

The company's president and CEO, Oliver Tan, highlighted the importance of strategic partnerships and government support, such as the Certificate of Energy Project of National Significance (CEPNS) granted by the Department of Energy for 13 projects.

CREC is also optimistic about its goal to energize 5 gigawatts of renewable energy within five years, supported by an off-take contract with the government through the Green Energy Auction program.