Pertamina New & Renewable Energy (Pertamina NRE) immediately reaped the rewards. After just two months of holding a 20% stake in Citicore Renewable Energy Corporation (CREC), the Philippine company reported a 38% increase in net profit in the first half of 2025. Citicore Renewable Energy Corporation (CREC), an affiliated company whose 20% stake was acquired by Pertamina NRE on June 18th, 2025, recorded a 28% increase in revenue in the first half of this year. This positive financial performance further confirms that Pertamina NRE's investment in CREC was a smart move. "We greatly appreciate CREC's positive performance. This achievement demonstrates CREC as a company that is not only healthy but also has high competitiveness and significant business growth potential. We are increasingly confident that we made the right investment decision by acquiring a 20% stake in CREC last June," said John Anis, CEO of Pertamina NRE.
During the first half of 2025, CREC posted revenue of 2.66 billion pesos (approximately IDR 755.44 billion), a 28% increase compared to the same period last year. EBITDA was recorded at 932 million pesos (IDR 264.69 billion), a 22% increase. Meanwhile, net profit reached 630 million pesos (IDR 178.92 billion), a 38% increase. This surge was supported by increased electricity sales, making CREC an attractive option for industrial consumers in the Philippines. Pertamina NRE's investment also cheered the Philippine capital market. CREC's stock price, which opened at ₱3.24 (approximately IDR 920.16 per share) at the beginning of the year, had risen to ₱4.01 (approximately IDR 1,139) by the end of June 2025. At the close of trading on Friday (August 15th), the stock even reached ₱4.21 (approximately IDR 1,195), a 30% increase since the beginning of the year. CREC itself is targeting an additional 5 gigawatts (GW) of installed capacity over the next five years, with a target of completing 1 GW this year. Through this acquisition, Pertamina NRE's installed renewable energy capacity has now reached 2,842 megawatts (MW) as of the first half of 2025, a 14% increase compared to the same period last year. Furthermore, this strategic partnership opens up opportunities for CREC to invest alongside Pertamina NRE in the renewable energy sector in Indonesia.
