Repower Energy income up 8% on higher sales
Listed Repower Energy Development Corp. (REDC), a run-of-river hydropower developer, saw its earnings expand by 8 percent in the January to June period as it reported “steady operations” in its plants.
REDC, a subsidiary of Pure Energy Holdings, said net income rose to P96.97 million against P89.86 million in the same period last year.
Its revenues also improved by 28 percent to P281.3 million as it recorded an increase in generation, subsequently translating to higher electricity sales.
In the second quarter alone, REDC’s power sales climbed to P110.83 million from the previous P98.58 million.
The firm attributed these stronger figures to the increased capacity from the Labayat 1 Hydropower Corp. and Bicol Hydropower Corp. operations, as well as the activation of two new plants—the Tibag and Lower Labayat run-of-the-river mini-hydropower plants.
“REDC’s financial results for the first half of 2024 demonstrate that the company remains on the right track in its goal of expanding its portfolio of run-of-the-river hydropower plants nationwide,” said Eric Peter Roxas, president and chief executive of REDC.
“Moving forward, a critical objective for us will be to continue growing our revenues, while exercising greater control over the expenditures, in order to maximize our profitability for the remainder of the year as well as in 2025,” he added.
REDC currently has eight hydropower plants in operation with a total combined capacity of around 16 megawatts (MW). It is also undertaking mini-hydropower projects clustered in the provinces of Laguna, Quezon, Camarines Sur, Bukidnon, among others.
In April, the company said it signed an agreement with the National Irrigation Administration for the development of mini-hydropower plants, covering the river irrigation systems in Brgy. Dapdap in Tayabas, Quezon; Brgy. Sta. Justina in Iriga City, Camarines Sur; and Brgy. Poblacion in Pilar, Bohol.
