Citicore Renewable Energy Corp. (CREC) posted a 122-percent jump in consolidated net income to P2.15 billion for the first nine months of the year, rising from P966 million recorded in the same period last year, the company announced Thursday.
The strong showing was attributed mainly to the increased output from its newly operational power facilities. CREC president and chief executive officer Oliver Tan said the latest figures reflect the expanding contribution of the company’s portfolio and underscore the promising outlook for the renewable energy sector.
“With the government’s continued push for renewable energy development and the country’s growing demand for reliable and sustainable power, we remain focused on moving our projects forward, delivering on our committed capacity on time, and keeping our operations efficient,” Tan said. “Our goal is to turn these opportunities into steady, long-term growth for the company.”
CREC added it expects further earnings growth as more solar facilities come online. The firm has already installed 1.2 gigawatts of solar capacity, completing ahead of schedule its commitment to the Department of Energy. It is working toward its target of developing 5 gigawatts within five years by rolling out new projects and expanding selected existing facilities.
Earlier in January, CREC earmarked up to $2 billion in capital spending for 2026, double the roughly $1 billion invested the previous year. The budget is meant to help the company build a combined portfolio of renewable energy and battery energy storage system projects reaching as much as 3 gigawatts by the end of the year.
