Citicore’s net income up 9% to $15.47m in 2023

Thanks to higher revenues driven by the sale of electricity.

Citicore Renewable Energy Corp. (CREC) has recorded a 9% increase in its net earnings to reach $15.47m (PHP910m) in 2023 as its three main revenue streams push sales up in the previous year.

In a bourse filing, CREC said its revenue jumped 32% to $62.56m (PHP3.68b) last year. This is composed of sale of electricity, which is currently the largest profit driver, lease income arising from operating lease agreements of its subsidiary Citicore Energy REIT Corp. (CREIT), and service fees.

Its earnings before interest, taxes, depreciation and amortisation also improved 10% to $25.67m (PHP1.51b) last year.

Currently, CREC has an installed capacity of 285 megawatts (MW) from its 10 solar power facilities located across the Philippines.

CREC said it remains committed to achieve five gigawatts of capacity in five years. The company said it is constructing the first gigawatt of its goal in eight project locations nationwide.

The Philippine government recently awarded the company the largest solar capacity of 430 megawatt, alternating current (MWac) for ground-mounted solar and 362 MWac of onshore wind. 

Meanwhile, the company completed its 115 MW Arayat-Mexico Solar Plant, a joint venture with AC Energy, in March 2023. CREC also secured a partnership to supply 90 MW of SM Prime Holdings’ power requirements from the Tuy, Batangas solar plant.

CREC is also boosting its pipeline capacity through financing deals, namely CREIT’s oversubscribed $76.50m (PHP4.5b) maiden ASEAN Green Bond Offering and the $100m Mezzanine Construction Green Loan Facility structured by Pentagreen Capital.

In June, CREC completed its initial public offering and listing on the Philippine Stock Exchange. It offered nearly 1.8 common shares with a 10% overallotment option of up to 178.57 million secondary common shares valued at $411.5m (PHP2.70) apiece.

$1= PHP57.44