CREIT 1H income rises to Php601m


Citicore Energy REIT Corporation (CREIT) has registered a net income of Php601 million for the first half of 2022, a five-fold increase from the Php89 million recorded in the same period last year. 

In a disclosure to the Philippine Stock Exchange (PSE), the company reported that its gross revenues also grew by as much as 408%  to Php664 million due to lease income from the guaranteed base lease from different solar plant companies. 

“As the Country’s first publicly-listed Renewable Energy REIT, we are now seeing the recurring rental revenue stream from our green asset portfolio. As detailed in the REIT Plan, we are committed to paying a steady dividend stream, with strong upside potential from new asset infusion from the Sponsor moving forward,” CREIT president and CEO Oliver Tan said.

The company’s earnings before interest. Taxes, depreciation, and amortization (EBITDA) also grew to Php643 million. 

CREIT recently acquired a Php753.8 million property in Surallah, South Cotabato which is set to host a 6.23 megawatt-peak solar power plant. 

“New fresh assets to be infused are expected to increase CREIT’s revenue base and earnings, which will eventually translate into higher dividends for our investors over the long-term,” Tan said.