Repower Energy Development Corp. (REDC) expects to post a record net income of close to P250 million this year, increasing it to P450 million next year.
REDC which is the pure hydropower subsidiary arm of Pure Energy Holdings Corp. reported a 31.2 percent year-over-year growth in its net income amid a continued strong performance from its current portfolio and new operating capacity of run-of-river hydropower plants, despite the effects of the El Niño.
For the first nine months of 2023, REDC’s net income increased to P141.6 million from P107.7 million in the same comparable period last year. Revenues for that period also grew to P329.6 million from P254.7 million.
The increase in profitability was attributed to additional power generation across its portfolio.
