CREC’s revenues up 13%, income flat in first semester

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Citicore Renewable Energy Corp. recorded a flat growth in its net income in the first six months of 2024 to P456.40 million, as revenues went up 13 percent to P2.09 billion.

Electricity sales consisted of revenues from commercial and industrial customers which rose 11 percent to P1.08 billion from P974.55 million. “CREC attributes this robust performance to our portfolio of 10 operating solar power facilities with a combined gross operating capacity of 285 megawatts , making us the second largest solar platform in the country. We ensure optimal performance in our plants to augment grid capacity for peak demand requirements,” said CREC president and chief executive Oliver Tan in a statement.

CREC said, however, cost of services rose to P1.4 billion from P1.2 billion in the same period last year due to additional third-party supply arrangements.

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MlaStandard /  🏆 20. in PH

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