CREIT posts P601-M profit

By James A. Loyola – July 27, 2022, 3:14 PM
from Manila Bulletin

Citicore Energy REIT Corporation (CREIT) reported a net income of P601 million for the first six months of 2022, more than five times the P89 million earned in the same period last year.

In a disclosure to the Philippine Stock Exchange, the firm said gross revenues for the first half of the year rose to P664 million, 408 percent higher versus the same period of 2021.

CREIT logo

Revenues consisted mainly of lease income from the guaranteed base lease from various solar plant companies. EBITDA likewise grew to P643 million or 429 percent with an EBITDA margin of 97 percent.

“As the Country’s first publicly-listed Renewable Energy REIT, we are now seeing the recurring rental revenue stream from our green asset portfolio,” said CREIT President and CEO Oliver Y. Tan.

He added that, “As detailed in the REIT Plan, we are committed to pay a steady dividend stream, with strong upside potential from new asset infusion from the Sponsor moving forward.”

“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 noted.

Last July 20, 2022, CREIT declared cash dividends of P0.044 per share, representing income for the second quarter of 2022, payable on September 14, 2022. Shareholders on record as of August 19, 2022 are entitled to said cash dividends.

The amount represents 107 percentof the distributable income for the second quarter of 2022 and indicates an annualized yield of 7.33 percent (excluding special dividends) based on the July 20, 2022 closing price of P2.38 per share.

This is the second cash dividends for the year and brought total cash dividends declared to P0.088 per share for the first six months of the year – 151 percent higher than the dividends declared and paid for the full year of 2021.