CREIT nets P300M Q1 income
With an established list of tenants operating in a cycle-resilient industry, CREIT is optimistic about generating recurring green sources of lease revenues, translating to increasing distributable income and attractive dividend yields to our shareholders
The country’s first energy-focused REIT (real estate investment trust), Citicore Energy REIT Corporation (CREIT), saw its first-quarter income increase ten-fold from last year as the remote working scheme pushed household energy demands to record levels.
In addition, the company said rental income from its renewable assets leased to solar plant operators pushed its net income to P300 million from January to March this year, from only P24 million in the same period in 2021.
“With an established list of tenants operating in a cycle-resilient industry, CREIT is optimistic about generating recurring green sources of lease revenues, translating to increasing distributable income and attractive dividend yields to our shareholders,” said Oliver Tan, CREIT president, and CEO.
“Moving forward, our sponsor’s aggressive growth pipeline and commitment to supporting CREIT over the long-term is expected to sustain and even surpass our first quarter performance,” he added.
Meanwhile, CREIT’s gross revenues from January to March ballooned to P332 million, a whopping 470 percent higher than last year. The firm said the total gross revenues primarily consisted of lease income from various solar plant companies.
Moving forward, our sponsor’s aggressive growth pipeline and commitment to supporting CREIT over the long-term is expected to sustain and even surpass our first quarter performance.
EBITDA likewise rose 49 percent to P322 million, translating to an EBITDA margin of 97 percent.
CREIT Board of Directors likewise approved the declaration of cash dividends during the quarter of P0.044 per share last 11 May to its shareholders on 8 June. It will be payable on 24 June. Starting this year, this becomes a quarterly distribution moving forward.
CREIT said its sponsor, Citicore Renewable Energy Corporation, will support the expansion of its current portfolio under its five-year roadmap of 1.5GW installed capacity by 2025.