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Manila Bulletin devider Business devider The Stock Market devider CREC net income up 8% in Q1 on higher RE sales

CREC net income up 8% in Q1 on higher RE sales

Published May 15, 2025 05:26 pm

At A Glance

  • Citicore Renewable Energy Corp.'s (CREC) revenues posted a 41-percent increase from ₱995 million to ₱1.4 billion, driven by an uptick in electricity sales and a diversified portfolio of off-takers, including direct and industrial clients, sales under the feed-in-tariff (FIT), Green Energy Auction Program (GEAP), and direct sales to the Wholesale Electricity Spot Market (WESM).

Citicore Renewable Energy Corp. (CREC) saw an eight-percent increase in its net income during the first three months of 2025.

In a disclosure to the Philippine Stock Exchange (PSE) on Thursday, May 15, CREC said it earned ₱230 million in net income during the first quarter of this year, higher than the ₱213 million recorded in the first quarter of 2024.

Its revenues posted a 41-percent increase from ₱995 million to ₱1.4 billion, driven by an uptick in electricity sales and a diversified portfolio of off-takers, including direct and industrial clients, sales under the feed-in-tariff (FIT), Green Energy Auction Program (GEAP), and direct sales to the Wholesale Electricity Spot Market (WESM).

Through these factors, power sales jumped by 47 percent to ₱1.2 billion.

Oliver Tan, president and chief executive officer (CEO) of CREC, believes that this growth reflects the market’s confidence in renewable energy (RE), particularly from Citicore.

“Our double-digit growth in electricity sales is a testament to the market’s belief in Citicore’s ability to deliver end-to-end, RE solutions for our climate-conscious customer base,” he said.

Furthermore, the company assured that its “five gigawatt (GW) in five years” plan is still underway, as it is expecting the completion of the first GW capacity of its RE developments in 2025.

Currently, CREC is constructing solar projects in various areas such as Batangas, Pangasinan, Pampanga, Quezon, and Negros Occidental.

These projects are under the second round of GEAP (GEAP 2).

“The energization of our first GW is a game changer for CREC, solidifying our role as a major force in the Philippine RE sector,” Tan added.

The next solar facility, located in Batangas, to be energized will have its first integration of a battery energy storage system (BESS).

“CREC’s awards in the first quarter are a signal of the global community’s confidence in our strategic initiatives such as the IPO [initial public offering], as well as our continued commitment to corporate governance. This puts us on the right track with our five GW in five years target,” Tan shared.

Related Tags

Citicore Renewable Energy Corp. (CREC) renewable energy (RE)
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