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Thursday, April 18, 2024

PREIT reports P249-million income

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Premiere Island Power REIT Corp. of the Villar Group reported a distributable income of P249 million for the period March 4, 2022 to Dec. 31, 2022.

The board of PREIT declared its first dividend amounting to P0.0682 per share or about P224 million, equivalent to at least 90 percent of its distributable income.

The dividends will be paid to stockholders of record as of May 12, 2023 on May 26, 2023.

PREIT said Monday the dividend payout is a combination of dividends pertaining to the company’s distributable income from Dec. 15, 2022, which is PREIT’s listing date to Dec. 31, 2022 and dividends pertaining to the company’s distributable income prior to its listing date.

It said the dividends pertaining to the distributable income of the company from Dec. 15, 2022 to Dec. 31, 2022 amounted to P20.86 million or P0.0063 per share, representing a dividend yield of 9.25 percent at the IPO price.

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Te dividends pertaining to the distributable income of the company prior to its listing date amounted to P203.43 million or P0.0619 per share.

“Moving forward, investors can expect the company to declare its regular dividends on a quarterly basis, at an estimated dividend yield of at least 9.25 percent [assuming the IPO price] for the full year 2023, subject to prevailing market conditions,” the company said.

PREIT aims to be among the leading diversified power and infrastructure REITs in the Philippines in terms of portfolio, profitability, growth, sustainability and dividend yield.

As a real estate investment trust company, it will handle Prime Asset Ventures, Inc.’s power generation assets to strengthen its performance and continue to grow.  PAVI’s diverse energy portfolio includes traditional and renewable power generation, retail electricity supply and missionary electrification.

PAVI’s subsidiaries S.I. Power Corp. and Camotes Island Power Corp. provide electricity to almost 60,000 households in underserved off-grid areas in Siquijor Island and Camotes Island in the Visayas.

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