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Manila Bulletin devider Business devider Trade & Industry devider Sales expansion bolstered Citicore RE's H1 net income by 38%

Sales expansion bolstered Citicore RE's H1 net income by 38%

Published Aug 14, 2025 03:40 pm
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Citicore Renewable Energy Corp. (CREC) has seen an increase in its electricity sales, which, in turn, helped grow its net income by nearly two-fifths from January to June of this year.
In a disclosure to the Philippine Stock Exchange (PSE) on Thursday, Aug. 14, CREC reported that its net income climbed to ₱630 million during the first half of 2025, which is a 38-percent increase from a year ago’s ₱456 million.
Its revenues subsequently increased by 28 percent, from ₱2.09 billion to ₱2.66 billion.
According to the renewable energy (RE) firm, the growth in its electricity sales contributed to the improved financial performance.
This growth was driven by an expanded customer base that includes corporate and industrial clients, stronger contract renewal rates, and participation in the feed-in-tariff (FIT) program and green energy auction (GEA).
During the first six months of 2025, CREC forged a partnership with Indonesia’s Pertamina New and Renewable Energy (NRE), marking the company as the first Philippine investment of Pertamina NRE.
To recall, Pertamina NRE acquired a 20-percent interest in CREC, while the latter would explore renewable investments in Indonesia, such as solar and wind power technologies, as well as collaborate on carbon credit development and trading.
“We continue to expand our customer base through our RE portfolio as well as our commitment to providing tailored and efficient energy solutions,” said Oliver Tan, CREC’s president and chief executive officer (CEO).
Moving forward, CREC is on track to energize its first gigawatt (GW) of clean energy by the end of the year, as part of its goal to develop five GW within five years. The company also plans to integrate battery energy storage systems (BESS) as a key component of its growth strategy.
“We will also energize our first hybrid solar with AgroSolar and battery facility within the second half of the year. Citicore can achieve baseload levels and fully maximize the use of the facilities by combining agriculture and solar generation,” Tan added.
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