Citicore profit hits P1 billion on first year since IPO
By Brix Lelis – April 10, 2025 | 12:00am
from The Philippine Star
In a regulatory filing, the company reported that its 2024 net income was higher than 2023’s P910.1 million and 2022’s P833.6 million.
MANILA, Philippines — In its first year as a listed company, tycoon Edgar Saavedra’s Citicore Renewable Energy Corp. (CREC) saw its net income reach P1 billion on the back of strong power sales.
In a regulatory filing, the company reported that its 2024 net income was higher than 2023’s P910.1 million and 2022’s P833.6 million.
Revenues soared by 40 percent to P5.1 billion from P3.7 billion on a yearly basis, fueled by robust electricity sales amid higher customer count and power generation output.
“We are optimistic that we will gain further momentum as we energize our first gigawatt (GW), which will benefit from our off-take contract with the government through the green energy auction program,” CREC president and CEO Oliver Tan said.
Apart from contracts from the government, the company also sold electricity directly to corporate and industrial clients, as well as the Wholesale Electricity Spot Market, the centralized venue for power trading.
“CREC’s goal to energize five GW of renewable energy in five years is in full speed. We made great strides in 2024, from our capital market debut to strategic partnerships locked in,” Tan said.
“We remain committed to contributing to the government’s renewable energy targets and our vision of powering a first-world Philippines with pure renewable energy,” he added.
CREC, the third listed firm under the Saavedra-led Megawide Group, raised P5.3 billion from its initial public offering last June, securing a P733-million investment from the UK government’s Mobilist program.
The company has also onboarded Singapore-based Levanta Renewables to mark its foray into onshore wind development.
Earlier this year, CREC signed a P6.7-billion investment from Indonesia’s state-owned energy firm Pertamina, subject to closing conditions.
CREC expects to spend more than P35 billion in 2025 to fuel the deployment of its green projects, hoping to achieve an attributable renewables capacity of 1.2 GW by year-end.
