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Manila Bulletin devider Business devider The Stock Market devider CREIT earnings up 18% in Q1

CREIT earnings up 18% in Q1

Published May 14, 2024 08:45 am

Citicore Energy REIT Corporation (CREIT) reported an 18 percent growth in net income to P359.27 million in the first quarter of 2024 from P304.95 million in the same period last year.

In a disclosure to the Philippine Stock Exchange, the firm said it posted a 26 percent increase in revenues at P473 million for the first quarter of 2024 from P376 million in the same period last year. This is driven by its newly acquired parcels of land under CREIT’s green asset portfolio.

Dividends for the first quarter of 2024 were also declared on May 13 amounting to P0.049 a share, four percent higher than the P0.047 per share dividend declared in the same period last year. This will be payable on July 09 to shareholders on record as of June 13.

Citicore President and CEO Oliver Y. Tan.jpg
CREIT President and CEO Oliver Y. Tan

“We have remained consistent in providing investors a sustainable and attractive dividend- paying REIT instrument from recurring but growing lease revenues, with asset acquisition in support of Citicore Renewables’ project pipeline,” said CREIT President and CEO Oliver Y. Tan.

He added that, “This also demonstrates the resiliency of our REIT investment strategy to keep on adding value-accretive assets, effectively CREIT mirroring the growth roadmap of its sponsor CREC.”

CREIT’s sponsor, CREC has over 5GW of project pipeline in varying stages of development with its first gigawatt well underway.

CREIT’s portfolio, with total landholdings of 7,100,000 square meters and backed by 100 percent occupancy with a weighted average lease expiry of 21.2 years, has allowed the Company to consistently declare above- prescribed dividends since its listing in the stock market in February 2022.

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Oliver Tan Citicore Energy REIT Corp.
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