MANILA -Tiu family-led Repower Energy Development Corp. expects to close the year with P250 million in earnings as it expands its portfolio of hydropower facilities and increases power generation in its existing power plants.
Repower, led by businessman Dexter Tiu, likewise aims to nearly double this to P450 million by the end of 2024.
“Moving forward, in the years to come, we will strengthen our presence in the markets we operate in—such as Quezon, Bicol, Laguna and Bukidnon—while expanding our portfolio across other provinces that represent the greatest potential growth for [Repower],” said Eric Peter Roxas, Repower president.
In the first nine months, Repower’s profit grew by 31.2 percent to P141.6 million due to added generation from new hydro facilities, as well as strong performance from its current portfolio.
Power generation rose to 19.376 gigawatt-hours (GWh) from 17.036 GWh in the same period last year, as the 5.8-megawatt Tibag hydropower plant started initial operations.
Roxas said the net income reflects the returns on investments made to expand portfolio across the country.
Revenues likewise grew to P329.6 million from P254.7 million. INQ