Citicore profit hits P1 B on first year since IPO

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.

- By BRIX LELIS

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.