Citicore Energy REIT Corp. said Wednesday net income reached P601 million in the first six months, more than five times the P89 million it posted in the same period last year.
The company’s gross revenues in the first half rose to P664 million, up by 408 percent from the same period last year. Revenues consisted mainly of guaranteed base lease from various solar plant companies. Earnings before interest, taxes, depreciation and appreciation grew 429 percent to P643 million in the first half.
“As the country’s first publicly-listed renewable energy REIT, we are now seeing the recurring rental revenue stream from our green asset portfolio. As detailed in the REIT Plan, we are committed to pay a steady dividend stream, with strong upside potential from new asset infusion from the Sponsor moving forward,” said CREIT president and chief executive Oliver Tan.
“New fresh assets to be infused are expected to increase CREIT’s revenue base and earnings, which will eventually translate into higher dividends for our investors over the long-term,” Tan said.