CREC CEO Oliver Tan reports increase in company earnings in 2024.
MANILA, Philippines – Listed clean power producer Citicore Renewable Energy Corp. (CREC) posted an 11-percent increase in earnings in 2024, reaching P1 billion, thanks to a surge in electricity sales.
In a disclosure to the local bourse Tuesday, the firm said its revenues in the period spiked by 40 percent to P5.1 billion from the previous P3.7 billion.
Electricity sales in 2024 hit P4.2 billion, it said.
“The robust growth in our electricity sales greatly contributed to our increased revenue,” said Oliver Tan, CREC president and chief executive officer.
“We are optimistic that we will gain further momentum as we energize our first gigawatt, which will benefit from our off-take contract with the government through the Green Energy Auction program,” he added.
