Citicore Renewable Energy reports 6% rise in net income driven by strong power sales

Citicore Renewable Energy Corp. (CREC) reported a 6% increase in net income, reaching P756 million, driven by strong power sales in the first nine months of 2024. Revenue rose 29% to P3.89 billion, up from P2.62 billion last year. Electricity sales contributed P2.85 billion, a 36% increase, due to higher demand from corporate clients and participation in government programs. Cash flow, measured by earnings before interest, taxes, depreciation, and amortization, grew 8% to P1.22 billion. CREC aims to achieve 5 gigawatts of capacity in five years, with current capacity at 285 megawatts. The government has designated 13 of its green power projects as "national significance," which may expedite permitting. CREC also plans wind projects in partnership with Levanta Renewables.