REDC sees profit spike in 2024

MANILA, Philippines — Repower Energy Development Corp. (REDC) is targeting a significant profit growth next year as the company continues to expand its portfolio nationwide.

REDC is looking to close the year with a net income of close to P250 million after finishing the nine-month period ending September on a high note.

For 2024, the company is targeting stronger profitability at P450 million.

REDC expects its income to continue growing with the full operations of its newest run-of-river 5.8-megawatt (MW) Tibag hydropower plant.

“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,” REDC president Eric Peter 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’s profit for the nine-month period stood at P141.6 million, up 31 percent year-on-year as revenues for the period grew to P329.6 million from P254.7 million last year.

Its income for the third quarter alone improved to P45.87 million from P43.47 million in the same period in 2022.

REDC attributed its higher profitability for the quarter to the increase in power generation across its portfolio.

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

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

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

REDC debuted at the local stock market last July, raising P1.15 billion from its initial public offering.