Citicore Energy REIT Corp. (CREIT), the country’s first energy-themed real estate investment trust, recorded a net income of P300 million during the first quarter of the year.
The company said in a statement this represented a gain of over 10 times and was mainly due to rental income from its renewable assets leased to solar plant operators.
“With an established list of tenants operating in a cycle-resilient industry, CREIT is optimistic in generating recurring green sources of lease revenues, translating to increasing distributable income and attractive dividend yields to our shareholders,” company president Oliver Tan said in the statement.
“Moving forward, our sponsor’s aggressive growth pipeline and commitment to support CREIT over the long term is expected to sustain and even surpass our first quarter performance,” he added.
CREIT’s sponsor is Citicore Renewable Energy Corp., led by Megawide Construction Corp. founder and CEO Edgar Saavedra.
CREIT recorded gross revenues of P332 million in the first quarter, up 470 percent from the same period in 2021.