CREC first-quarter income soared 58%

Citicore Renewable Energy Corp. (CREC) posted a 58-percent jump in first-quarter net income as newly energized solar facilities boosted electricity sales and improved profitability.

In a disclosure on Friday, the energy firm said net income reached P364 million during the January-to-March period, up from P230 million a year earlier.

CREC said earnings growth was driven by the continued expansion of its clean energy portfolio.

Earnings before interest, taxes, depreciation and amortization (EBITDA) also jumped by 53 percent to P593 million from P388 million previously.

Electricity sales remained the company’s biggest revenue contributor, accounting for 85 percent of the P1.14 billion in revenues recorded during the quarter.

“CREC’s profitability has improved greatly as evidenced by our EBITDA, as we make way for our newly energized solar facilities attributed to our GEAP (green energy auction program) commitment, among others,” CREC president and CEO Oliver Tan said.

During the quarter, CREC energized solar facilities in Pangasinan and Negros Occidental, raising the company’s gross renewable energy capacity to 791 megawatt-peak (MWp).

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CREC added that more projects were expected to come online in the coming quarters, including the Binalonan, Bolbok and Pagbilao solar plants, which are scheduled for energization between the second and third quarters of 2026.

The company said ongoing testing and commissioning activities were also underway for additional solar projects in Pangasinan, Batangas and Quezon.

CREC said the recent energization milestones reinforced its target of developing 5,000 MW of renewable energy capacity in five years.