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Manila Bulletin devider Business devider Mini hydropower plants drive REDC's first-quarter profit surge

Mini hydropower plants drive REDC's first-quarter profit surge

Published May 15, 2024 05:18 am

Repower Energy Development Corp. (REDC) reported a surge in net income for the first quarter, fueled by the strong performance of its mini run-of-the-river hydropower plants.

In a disclosure to the Philippine Stock Exchange on Wednesday, May 15, REDC, a subsidiary of Pure Energy Holdings Corp., said its profit reached P70.1 million from January to March this year.

The end-March net income was a 32 percent increase compared to the P52.9 million recorded in the same period last year. 

REDC attributed to the robust revenues to electricity sales, which surged by 41 percent year-over-year to P170.5 million from P121.0 million.

Moreover, REDC's power generation recorded an upsurge of 48 percent to 28.9 kilowatts per hour from the 19.5 kilowatts per hour generated in the previous year. 

Eric Peter Y. Roxas, REIDC president and chief executive officer said the strong financial performance reflects the success of its initiatives to expand its portfolio across key regions in the Philippines.

“This also builds on our strong financial performance for 2023, allowing us to further maximize shareholder value through the development and acquisition of hydropower plants,” Roxas said.

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