Citicore 2024 profit rises on power sales boom

MANILA, Philippines – Listed clean power producer Citicore Renewable Energy Corp. (CREC) saw its profit jump by 11 percent to P1 billion last year following a sharp rise 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 soared by 42 percent, hitting P4.2 billion, owing to a higher customer base and generation output.

READ: Citicore eyes higher capex for 2025

Cash flow as measured by earnings before interest, taxes, depreciation and amortization also improved by 16 percent to P1.8 billion from P1.5 billion.

“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 (GEAP),” he added.

Building on the “great strides” made from 2024, particularly when the group entered the capital market and raised P5.3 billion, Tan said CREC’s target of having 5 gigawatts (GW) “is in full speed.”

At present, the company’s installed capacity is 285 megawatts (MW) from its 10 solar power facilities.

CREC intends to invest more this year than the P35 billion it had earmarked for 2024, as it gears up for the rollout of its second GW pipeline.

READ: Pertamina subsidiary to take 20% stake in CREC

In September 2024, 13 green power projects of CREC were tagged as of national significance by the government, a status that can help the group speed up its permitting processes.

CREC also bared late last year its plan to build wind projects through a joint venture with Levanta Renewables, a Singaporean firm backed by UK infrastructure investor Actis. The company bagged these wind developments from the Department of Energy’s GEAP last July 2023. The projects have a total capacity of 375 MW.