Citicore Renewable Energy Corporation (CREC) has posted an 8% increase in net income and a 41% jump in revenues for the first quarter of 2025, driven by strong electricity sales and the continued expansion of its solar energy projects.
In its quarterly financial report filed with the Securities and Exchange Commission, CREC reported PHP 230.34 million in net income from January to March, up from PHP 213.03 million in the same period last year. Total revenues reached PHP 1.41 billion, largely fueled by a 47% increase in electricity sales, attributed to a growing customer base. A 164% increase in service fees also contributed.
“The revenue boost was mainly due to higher electricity sales and additional service fees from new projects and operational contracts,” the company said in its management report. Lease income from its real estate investment trust (CREIT) remained steady at PHP 162 million.
Despite a rise in expenses—particularly from third-party supply costs and higher interest rates—CREC maintained a gross profit of PHP 357 million, translating to a 25% gross profit margin. However, this decreased from 33% last year as cost pressures grew alongside operational expansion.
Direct costs rose 57% to over PHP 1.05 billion, reflecting the full impact of increased customer volume and supply purchases. Finance costs also climbed by 9% to Php115 million due to repriced loans, although some of these were refinanced during the quarter.
Cash flow from operations remained positive at PHP 279 million, but overall cash dropped by PHP 3.06 billion, from PHP 8.33B to PHP 5.27 billion, due to large investments in ongoing construction of solar power facilities. Capital expenditures included land acquisitions and equipment procurement for new solar projects across the country.
The company’s total assets stood at PHP 47.6 billion, while equity remained stable at around PHP 18 billion. Debt-to-equity ratio rose to 1.47, reflecting the use of borrowings to fund growth.
Among its key performance indicators, the company reported a net earnings per share of PHP 0.07, and a current ratio of 2.67, signaling adequate liquidity.
CREC stated that there are no major financial risks or uncertainties facing the company at this time. It also noted that a joint venture partner is finalizing a loan refinancing, which is expected to normalize related income contributions by the second quarter.
In 2024, the company successfully listed on the Philippine Stock Exchange and sold a portion of its interest in CREIT to raise funds for project development. Citicore’s ongoing solar construction pipeline remains one of the most active in the renewable energy sector.
CREC is a subsidiary of Citicore Holdings Investment Inc., and it develops solar, wind, and other renewable energy facilities across the Philippines. As of March 2025, the company and its subsidiaries operate a wide network of solar farms and related infrastructure nationwide.
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