Citicore Renewable Energy Corp. (CREC) reported an 8 percent increase in net income for the first quarter of 2025, rising to ₱230 million from ₱213 million last year, buoyed by a sharp uptick in electricity sales.
CREC attributed the earnings growth to a 41 percent surge in revenue, which climbed to ₱1.4 billion from ₱995 million year-on-year. The strong revenue performance was driven by a 47 percent jump in electricity sales totaling ₱1.2 billion, up from approximately ₱850 million in 1Q 2024.
The company said its expanding customer base and diversified mix of off-takers—including corporate and industrial clients, feed-in-tariff recipients, and participants in the Green Energy Auction and Wholesale Electricity Spot Market—contributed to the commercial gains.
“Our double-digit growth in electricity sales is a testament of the market’s belief in Citicore’s ability to deliver end-to-end, renewable energy solutions for our climate-conscious customer base,” said Oliver Tan, CREC president and CEO.
CREC is planning capital expenditures of over ₱35 billion for 2025 and aims to close the year with a development portfolio of around 1,200 megawatts (MW). The company operates 10 solar energy assets with a total capacity of 285 MW across the Philippines and pursuing a diversified pipeline that includes solar, hydro, and wind projects.
CREC targets 5,000 MW in solar capacity and 3,000 MW in wind generation over the medium to long term, reinforcing its role as a key player in the transition to clean energy.
