Repower earned P70.1m in Q1

By Alena Mae S. Flores – May 15, 2024, 7:15 pm
from manilastandard.net

Repower Energy Development Corp. said Wednesday it posted a net income of P70.1 million in the first quarter of 2024, a 32-percent increase from P52.8 million a year ago on continued strong performance of its portfolio of mini run-of-the-river hydropower plants.

REDC’s revenues, as represented by sale of electricity, grew 41 percent on a year-on-year to P170.5 million from P121.0 million in the same period last year.

Power generation grew to 28.9 kilowatt-hours from 19.5 kWh a year earlier, allowing the company to post higher revenues and net income during this period.

“Our financial performance for the first quarter of 2024 reflects the continued success of expanding our portfolio throughout key areas in the Philippines. This also builds on our strong financial performance for 2023, allowing us to further maximize shareholder value through the development and acquisition of hydropower plants,” REDC president and chief executive Eric Peter Roxas said.