Citicore Energy REIT posted P305-M profit in Q1

MANILA  -Citicore Energy REIT Corp. (CREIT) booked a net income of P304.96 million in the first quarter of the year on the back of new lease contracts from its latest land acquisitions.

This is a 2-percent increase from the previous year’s P300.3 million, CREIT said in its disclosure to the Philippine Stock Exchange (PSE) on Monday.

Lease revenues grew by 13 percent to P376.45 million from P331.79 million in the previous year as proceeds from its Asean green bond issuance in February bore fruit.

“CREIT’s investment strategy is focused on adding value-accretive assets to its clean and green real estate portfolio,” said CREIT president and chief executive officer Oliver Tan.

CREIT previously relied on electricity sales for profitability before shifting its main revenue source to property rentals for renewable energy projects.

Its Batangas property increased CREIT’s land area to 3.4 million square meters (sqm).

“The newly acquired parcels of land of CREIT located in Batangas are leased out to affiliate solar power developers, at 100-percent occupancy,” it said.

The company is currently the largest landlord for renewable energy real estate properties with 5.4 million sqm of leasable space.

CREIT recently broke ground for a 680-megawatt solar plant in Tuy–poised to be the largest of its kind in the province–to help boost supply in the power-hungry Luzon grid.

Earlier this year, the company declared dividends amounting to P0.047 per share, 6.8 percent higher than the same period last year. This is CREIT’s largest cash dividend declaration since its listing in 2022.

Citicore Renewable Energy Corp. (CREC), CREIT’s parent company, currently has 5 gigawatts in its project pipeline.

CREC disclosed plans in January to debut in the PSE this year.

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