CREIT registers 17.8% profit growth

By Alena Mae S. Flores – May 14, 2024, 7:30 pm
from manilastandard.net

Citicore Energy REIT Corp. (CREIT) recorded a 17.8-percent increase in net income in the first quarter of 2024 to P359.275 million from P304.958 million in the same period last year.

CREIT said in a disclosure to the stock exchange its revenues went up 26 percent to P473 million in the first quarter from P376 million a year ago, driven by its newly-acquired parcels of land under its green asset portfolio.

This translated into a 24-percent growth in earnings before interest, taxes, depreciation and amortization (EBITDA).

“We have remained consistent in providing investors a sustainable and attractive dividendpaying REIT instrument from recurring but growing lease revenues, with asset acquisition in support of Citicore Renewables’ project pipeline,” CREIT president and chief executive Oliver Tan said.