August 13, 2024 | 12:00am
MANILA, Philippines — Strong revenues fueled a double-digit earnings rise for Citicore Energy REIT Corp. (CREIT) in the first half.
CREIT reported a net income of P694 million during the six-month period, up by 12 percent from last year’s P621 million.
Revenues rose by 15 percent to P921 million from P800 million, driven by the full impact of the new parcels of land acquired on the company’s financials.
Given its robust results, CREIT has declared dividends amounting to P0.049 per share for the first half, payable on Oct. 4 to shareholders on record as of Sept. 10.
“CREIT has sustained the delivery of attractive dividends each quarter, driven by growing lease revenues and strategic asset acquisitions aligned with Citicore Renewables’ project pipeline,” CREIT president and CEO Oliver Tan said.
“This approach underscores the resilience of our REIT investment strategy, enabling the company to continually acquire value-accretive assets and closely align CREIT’s growth with that of its sponsor, Citicore Renewable Energy Corp. (CREC),” Tan said.
According to CREIT, the strong first half performance cements its position as the largest renewable energy real estate investment trust in the Philippines.
CREIT’s sponsor, CREC, has over five gigawatts of project pipeline in varying stages of development, with its first gigawatt well underway.
CREIT said its unique green asset portfolio has allowed the company to consistently declare above prescribed dividends since going public in February 2022.
It has total landholdings of 7.1 million square meters and backed by 100 percent occupancy with a weighted average lease expiry of 20.94 years.
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