News

IPP

Staff Reporter

, Philippines

Published:

1 month ago

Logo from Repower Energy Development Corporation

REDC's net income rises 32% in Q1 on hydropower success

Its power generation reached 28.9 kWh from 19.5 kWh in Q1 2023.

Repower Energy Development Corporation (REDC) reported a 32% year-on-year net income to reach $1.2m (PHP70.1m) in the first quarter on the back of the strong performance of its mini run-of-the-river hydropower plants.

In a disclosure, REDC also said that its revenue, represented by electricity sales rose by 41% YoY to $297m (PHP170.5m).

This is due to the growth of its power generation to 28.9 kilowatt-hours (kWh) from 19.5 kWh in the same period last year.

ALSO READ: Philippines expects over 4,000 MW of power projects to begin operations this year

“Our financial performance for the first quarter of 2024 reflects the continued success of expanding our portfolio throughout key areas in the Philippines,” said REDC President and CEO Eric Peter Roxas.

“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,” he added.

$1 = PHP57.33

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