Citicore profit up 6% in 9M 2024

The group’s revenue also increased by 29%.

Philippines' Citicore Renewable Energy Corporation (CREC) has reported a 6% increase in net income for the first nine months of 2024, reaching $12.85m (PhP756m), up from $12.11m (PhP713m) last year.

The group’s revenue also increased 29%, totalling $66.17m (PhP3.89b) compared to $44.55m (PhP2.62b) in 2023. The company’s electricity sales rose 36% to $48.45m (PhP2.85b), driven by a diverse customer base, including corporate and industrial clients, government-backed Feed-In-Tariff (FIT) agreements, and sales through the Wholesale Electricity Spot Market (WESM).

“Our electricity sales and trading arm continue to post significant growth, mainly attributed to an expanded customer base and higher contracted rates of renewing customers, a testament to our commitment to provide end-to-end energy solutions,” CREC President and CEO Oliver Tan said.

CREC also said its expansion efforts remain on track, with the company progressing toward its target of 5 gigawatts (GW) of renewable energy capacity by 2029. The company also recently received Certificates of Energy Projects of National Significance (CEPNS) for 13 projects.

Additionally, it has partnered with Levanta Renewables to develop its first four onshore wind projects, totalling 375 MW, all of which have secured offtake agreements through the Department of Energy’s Green Energy Auction Program.