Repower Energy Development Corp. (REDC), a subsidiary of Pure Energy Holdings Corp., saw a boost in its first-quarter profits due to the continued success of its mini run-of-the-river hydropower plant portfolio.
The company said on Wednesday that its net income from January to March surged to P70.1 million, up 32 percent from P52.8 million in the year-ago period.
Likewise, REDC's revenues, as represented by the sale of electricity, grew by 41 percent on a year-over-year basis to P170.5 million from P121 million.
"Our financial performance for the first quarter of 2024 reflects the continued success of expanding our portfolio throughout key areas in the Philippines," Eric Peter Y. Roxas, President and CEO of REDC said.
"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.
The first quarter results of REDC were supported by its power generation operations, which experienced substantial growth from 19.5 kilowatt-hour (kWh) to 28.9 kWh compared to the previous year.
In April, REDC announced its plan to build hydroelectric power plants that can coexist with National Irrigation Administration (NIA) infrastructures.
The energy company signed a Memorandum of Understanding (MOU) with NIA to guide the planned developments.
Particularly, the REDC asked for the NIA's approval to conduct comprehensive studies on the economic, financial, and technical viability of its future projects covering the river irrigation systems in Barangay Dapdap in Tayabas, Quezon, Barangay Sta. Justina in Iriga City, Camarines Sur, and Barangay Poblacion in Pilar, Bohol.
REDC already has developments in these areas but the company wants to equip its engineers and technical staff in these respective areas for planning and maintenance of the projects.