Citicore Renewable Energy Corp. (CREC) nearly doubled its first-half net income to P1.2 billion as newly energized power plants boosted earnings and widened margins.

The company reported on Monday that its net income rose 92 percent from P630 million in the same period last year, driven primarily by the high-margin contribution of the company’s newly energized plants.

The earnings surge sharply outpaced revenue growth, with revenues inching up 4 percent to P2.7 billion.

Earnings before interest, taxes, depreciation and amortization (EBITDA) climbed 63 percent to P1.5 billion as operating profitability improved.

CREC’s gross margin widened to 51 percent from 32 percent a year earlier, while its EBITDA margin increased to 55 percent from 35 percent.

Electricity sales remained the company’s main revenue driver, accounting for 87 percent of total revenues during the period.

CREC also continued to shift its revenue mix toward long-term, government-backed renewable energy contracts.

Sales under the Green Energy Auction (GEA) and Feed-in Tariff (FiT) programs accounted for 51 percent of revenues, up sharply from 13 percent in the same period last year.

“As a pure-play independent power producer in the Philippines, Citicore Renewables remains steadfast in fulfilling our commitments to the Department of Energy (DOE), the Filipino people, and our investors,” CREC President and CEO Oliver Tan said.

“The significant improvement in our margins demonstrates the strength and scalability of our growing operating portfolio. We are building on this momentum as we continue working to bring more projects online, expand our capacity, and strengthen our contribution to the country’s clean energy transition.”

CREC has installed 1.2 gigawatts (GW) of solar capacity as it works toward its target of developing 5 GW in five years.

The company said it reached the 1.2-GW milestone ahead of its commitment to the Department of Energy.

CREC plans to sustain its expansion by advancing new renewable energy projects and expanding selected installed projects as it builds toward the 5-GW target.