Citicore Renewable Energy Corporation (“CREC” or the “Company”) delivered strong first-half results, with net income nearly doubling to Php1.2 billion, up 92% from Php630 million in the same period last year. The performance was driven primarily by the substantial, high-margin contribution of the Company’s newly energized plants.
EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) rose 63% to Php1.5 billion, significantly outpacing the 4% growth in revenues to Php2.7 billion, reflecting improved operating profitability and stronger margins. Profitability strengthened significantly, with gross margin expanding to 51% from 32% and EBITDA margin rising to 55% from 35% in the prior period.
Electricity sales continued to anchor CREC’s growth, contributing 87% of total revenues, while the Company made significant progress in shifting its revenue mix toward long-term, government-backed renewable energy contracts. Sales under the Green Energy Auction (GEA) and Feed-in Tariff (FiT) programs increased to 51% of revenues from 13% in the prior period. This shift underscores CREC’s strategy of building a more stable and predictable revenue base through its growing portfolio of renewable energy projects.
“As a pure-play independent power producer in the Philippines, Citicore Renewables remains steadfast in fulfilling our commitments to the Department of Energy (DOE), the Filipino people, and our investors,” said CREC President and CEO Oliver Tan. “The significant improvement in our margins demonstrates the strength and scalability of our growing operating portfolio. We are building on this momentum as we continue working to bring more projects online, expand our capacity, and strengthen our contribution to the country’s clean energy transition.”
Scaling toward 5GW
CREC has continued to achieve key energization milestones as it continues to scale its renewable energy portfolio in the country. The Company has successfully installed a total of 1.2 GW of solar capacity ahead of its commitment to the DOE. The Company remains focused on sustaining its growth trajectory by advancing new projects as well as the expansion of select installed projects toward its target of developing 5 GW in five years.
“We are encouraged by the progress we have made in expanding our operating portfolio,” said Tan. “Reaching 1.2 GW in installed capacity is an important milestone for CREC, and we acknowledge that there is significant room to grow. Our next phase will be about translating this scale into capacity as we work toward our 5 GW target.”
