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Manila Bulletin devider Business devider The Stock Market devider CREIT delivers P1-billion profit, P320-million dividend payout

CREIT delivers P1-billion profit, P320-million dividend payout

Published Nov 13, 2024 01:14 am

Citicore Energy REIT Corporation (CREIT), the country’s only renewable energy real estate investment trust, posted a two percent improvement in net income, reaching P1.04 billion in the first nine months of 2024, up from P1.02 billion in the same period last year.

In a disclosure to the Philippine Stock Exchange, the firm reported a five percent increase in revenues, totaling P1.38 billion as of September 30, 2024, compared to P1.31 billion in the same period last year.

“This growth is driven by the full impact of the seven new parcels of land acquired in 2023 on the company’s financials, solidifying CREIT's position as the largest renewable energy landlord in the Philippines,” CREIT stated.

Dividends for the third quarter of 2024, amounting to P0.049 per share, were declared on November 12, 2024. This equates to an annualized dividend yield of 6.4 percent, based on the Sept. 30, 2024 closing price of P3.06 per share.

The dividend is payable on January 13, 2025, to shareholders on record as of Dec. 12, 2024.

“We have sustained our attractive and highest dividend at P0.049 per share from last year to this year, showing not only resilience, but the strength of our REIT investment strategy,” said CREIT President and CEO Oliver Tan.

He added, “With our close alignment with CREC (Citicore Renewable Energy Corporation), we are more positive of a continued strong performance which translates to attractive returns for our investors.”

CREIT’s sponsor, CREC, has over 5 GW of project pipeline in varying stages of development, with its first gigawatt moving into full speed.

CREIT’s unique green asset portfolio, with total landholdings of 7.1 million square meters and backed by 100 percent occupancy, has a weighted average lease expiry of 20.69 years, allowing the Company to consistently declare above-prescribed dividends since its listing in the stock market in February 2022.

Related Tags

Citicore Renewable Energy Corporation Oliver Tan Citicore Energy REIT Corp.
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