Citicore Renewable Energy Corp. (CREC) has announced an 11 percent year-on-year growth in net income, reaching P1 billion in 2024, up from P910 million in 2023. The increase was primarily driven by a 42 percent surge in electricity sales, which grew to P4.2 billion from P2.95 billion. The growth is attributed to a rising customer base and improved generation output from CREC’s expanding renewable energy portfolio.
The company’s total revenue for 2024 saw a 40 percent boost, reaching P5.1 billion, up from P3.7 billion last year. This performance highlights CREC’s focus on expanding its renewable energy offering to meet growing market demand. CEO Oliver Tan emphasized the company’s progress in its renewable energy goals, with plans to energize 5 GW of capacity by 2028.
In 2024, CREC made strides in its capital market debut and secured key partnerships, allowing it to complete its first gigawatt (GW) of renewable capacity. The company is also pursuing solar projects, including installations in Batangas, Pampanga, Pangasinan, and Quezon, seen to add 1,000 MW by September.
