Repower Energy Development Corp., a subsidiary of Pure Energy Holdings Corp., reported an increase in profitability in the first half this year, sustaining growth from the steady operations of the Tibag and Lower Labayat run-of-the-river mini hydropower plants.
Having eight hydropower plants with a total combined capacity of 16 megawatts, REDC reported net income of P96.97 million in the first six months this year compared to P89.86 million in the year-ago period. This was attributed to REDC gross revenue expanding to P281.34 million from P219.54 million.
Gross sale of electricity in the second quarter alone increased to P110.83 million from P98.58 million. However, gross expenses sharply increased to P65.92 million from P46.87 million with the commissioning of its two new plants.
Gross expenses include salaries and wages, depreciation and amortization of equipment, and repairs and maintenance of facilities, among others. Operating overhead, on the other hand, remained stable.
“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. 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,” Eric Peter Y. Roxas, president and chief executive officer, said.
