Citicore Renewable Energy Corp. (CREC) disclosed a 28 percent increase in its net income for the first nine months of the year to P965.64 million, up from P754.92 million in 2024.
Revenues for the period amounted to P3.82 billion, 13 percent higher than the same period last year, due to an increase in the sale of electricity of P410.65 million and service fees of P25.89 million.
Electricity sales increased by 14 percent due to an expanded customer base, while service fees increased by P25.89 million, or 53 percent, arising from the management fee billed to Citicore Construction Inc. for the construction of a new solar project.
CREC’s lease income stood at P487.01 million, the same level as last year. Lease income pertains to recognition of lease income generated by Citicore Energy REIT Corp. (CREIT), its real estate investment trust, from its leasing activities to CPI’s solar power plants.
Meanwhile, CREIT recorded stable revenues of P1.4 billion as of the third quarter of 2025, consistent with the same period in the previous year, attributed to a strong guaranteed base lease of P1.3 billion, a slight increase from the same period last year.
CREIT’s earnings before interest, tax, depreciation and amortization (EBITDA) and net income also remained solid at P1.3 billion and P1 billion, respectively.
Dividends for the third quarter were declared on Nov. 11, 2025, amounting to P0.049 per share.
This equates to an annualized yield of 5.71 percent, based on the Sept. 30, 2025, closing price of P3.55 per share. Dividends will be payable on Jan. 12, 2026, to shareholders on record as of Dec. 11.
“Our dividends at P0.049 per share show CREIT’s continued stability and resilience amid fluctuating market conditions thanks to its guaranteed base lease component in revenues. Investors looking for passive income generation will find CREIT as an attractive investment option, and long-term investors looking for capital appreciation can also gravitate toward CREIT as we have a strategic growth roadmap for value-accretive asset acquisition to further solidify our green real estate portfolio,” said CREIT president and chief executive Oliver Tan.
CREC recently energized its 42-megawatt peak (MWp) Citicore Solar Pampanga 1 and 197 MWp Citicore Solar Batangas 1 with a 320 megawatt-hour (MWh) Battery Energy Storage System — the first solar plant in the Philippines that can dispatch baseload power.
With more of its solar projects in Batangas, Pangasinan, Quezon and Negros Occidental underway, CREC is set to complete its first gigawatt by the end of 2025, mostly situated in CREIT’s land assets.
“CREC’s plan to construct one gigawatt per year for the next five years provides CREIT a clear roadmap for asset acquisition in the coming years,” Tan said.
