REDC expects to hit P250m income in 2023

By Alena Mae S. Flores – November 14, 2023, 7:35 pm
from manilastandard.net

Repower Energy Development Corp. is projecting a record net income of close to P250 million in 2023 and P450 million in 2024 following its strong financial performance in the third quarter and nine-month period.

REDC reported a 31.2 percent year-over-year growth in its net income for the third quarter due to the strong performance from existing and new operating capacity of run-of-river hydropower plants despite the effects of the El Niño weather phenomenon.

The company’s income for the third quarter went up to P45.87 million from P43.47 million for the same period last year.

“REDC’s net income for this fiscal period reflects the returns on the investments we have made to expand our portfolio across the country,” REDC president Eric Peter Roxas said in a statement.

“The most recent financial results reflect this ongoing trend we have been experiencing over the past few years,” he said.

REDC’s net income increased to P141.6 million for the first nine months, up 31.47 percent from P107.7 million in the same comparable period last year.

Revenues for that period grew by 29.4 percent to P329.6 million from P254.7 million.

REDC said the higher profitability can also be attributed to an increase in power generation across its portfolio, which grew to 19.376 million kilowatthours (kWh) in the third quarter from 17.036 million kWh for the same period last year.

Power generation increased due to continued robust and steady performance from its existing plants together with the start of initial operations of the 5.8 MW Tibag hydropower plant which started exporting power to the grid last June.

REDC expects its income to continue growing with the full operations of the Tibag power plant – which was part of the company’s deliverables when it listed in July this year.

“The addition of our newest plant in Quezon reflects our continued commitment to uplift living standards of communities and taking advantage of opportunities available to us,” Roxas said.

“Moving forward, in the years to come, we will strengthen our presence in the markets we operate in — such as Quezon, Bicol, Laguna, and Bukidnon — while expanding our portfolio across other provinces that represent the greatest potential growth for REDC,” he said.

REDC is the hydropower subsidiary of Pure Energy Holdings Corp.