CITICORE Renewable Energy Corp.'s (CREC) net income in the first half grew 92 percent to P1.2 billion, nearly double the previous year’s P629.7 million and said to have driven by substantial, high-margin contribution from its newly energized plants.
Earnings before interest, taxes, depreciation and amortization (Ebitda) rose 63 percent year on year to P1.5 billion while revenues grew four percent to P2.7 billion.
Profitability strengthened significantly, with gross margin expanding to 51 percent from 32 percent and Ebitda margin rising to 55 percent from 35 percent.
Electricity sales continued to anchor growth, contributing 87 percent of total revenues. The company also made significant progress in shifting its revenue mix toward long-term, government-backed renewable energy contracts.
The company said sales under the Green Energy Auction (GEA) and feed-in tariff (FiT) programs increased to 51 percent of revenues from 13 percent 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,” it said.
The company noted key energization milestones as it continues to scale its renewable energy portfolio in the country, reporting that it had successfully installed a total of 1.2 gigawatts (GW) of solar capacity ahead of its commitment to the Department of Energy.
Citicore Renewable said it remained focused on sustaining its growth trajectory by advancing new projects and expanding 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,” President and CEO Oliver Tan said in a statement.
“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 five GW target."
Shares of the company slipped P0.04, or 0.86 percent, to close at P4.63 each on Monday.
