LISTED Repower Energy Development Corp. (REDC), a subsidiary of Pure Energy Holdings Corp., said its net income fell 30.7 percent to P119.2 million in 2024 from P172.18 million in 2023.
REDC said in a statement its financial results last year were impacted by higher non-cash costs due to the start of commercial operations of REDC’s two new hydropower plants: the 5.808 megawatt Tibag hydropower plant and the 1.4 MW Lower Labayat hydropower plant.
REDC said its financial fundamentals for the year remain robust despite higher costs for 2024,
Revenues from electricity generation increased by 16.8 percent to P533.4 million from P456.6 million in 2023.
“Despite conditions related to the operating environment being a factor in our higher expenses, REDC still finished 2024 on a high note given the continued strong performance of the run-of-the-river hydropower plants in the key markets we operate in,” Eric Peter Roxas, REDC president and chief executive said.
“We have also increased our capital expenditures for the ongoing construction of the 15 MW Pulanai hydropower plant in Bukidnon, which we expect will double the present generation capacity.”
The company is looking to commission its 15 MW Pulanai hydropower plant by the third quarter this year — ahead of its original Moreover, REDC said an uprated capacity is in the process that will see the capacity increase by up to 20 percent for the hydro plant.
“With the positive momentum we have continued to experience over the years, REDC shall maintain its aggressive expansion plan for 2025 in order to maximize our potential and yield a stronger topline and bottom line for the benefit of our shareholders,” Roxas said.
