LISTED Citicore Renewable Energy Corp. (CREC) saw its third-quarter (Q3) attributable net income rise by 18.21% to P242.02 million.
For the three months ending September, CREC logged gross revenues of P1.15 billion, down by 11.54% from P1.30 billion in the same period a year ago.“Our performance in the first nine months highlights the effectiveness of our disciplined approach as an end-to-end renewable energy solutions provider. We are working tirelessly to sustain this momentum as we continue advancing toward our goal of energizing 1 gigawatt per year in five years,” Citicore President and Chief Executive Officer Oliver Y. Tan said in a media release on Monday.
For the nine months ending September, CREC’s attributable net income surged 44.39% to P685.38 million from P474.66 million in the comparable period a year ago.
“At CREC, we don’t just build renewable energy facilities, we create a holistic positive impact anchored on our innovation and approach to nation-building. Our Batangas solar plant, with its battery energy storage system and also equipped with our pioneering AgroSolar Initiative, proves that reliable, round-the-clock renewable power is possible in the Philippines,” Mr. Tan said.
Gross revenues for the January-to-September period increased to P3.82 billion, up 13.02% from P3.38 billion in the same period a year ago.
CREC attributed its revenue growth for the period to a P410.65 million increase in electricity sales and P25.89 million from service fees. Electricity sales rose 14% due to an expanded customer base.
“As we continue to energize new assets and roll out additional capacities, we are building the base for a more robust revenue stream in the long run. We continue to support the government in its clean energy transition and remain resolute in being one of the leading renewable energy companies in the country, ultimately providing lasting value for the Filipino people,” he said.
For this year, CREC has allocated a capital expenditure (capex) budget of more than $1 billion, with the majority of the funds earmarked for its first gigawatt (GW) of solar power projects.
CREC aims to add 1 GW of capacity annually to the Philippines’ energy mix, focusing on ready-to-build or under-construction projects over the next five years, targeting a total of approximately 5 GW by 2028.
At the local bourse, shares in CREC closed unchanged at P4.15 each. — Ashley Erika O. Jose