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  • By The Financial District

Citicore REIT H1 Income Soars To P601M

Citicore Energy REIT Corporation (“CREIT”) the country’s first energy REIT, posted a hefty net income of P601 million in the first six months of 2022, more than five times the P89 million it posted in the same period last year.

Photo Insert: The company’s gross revenues for the first half of the year rose to P664 million, 408% higher versus 1H2021.

With the earnings, CREIT declared cash dividends of P0.44 per share for the second quarter, which translates to a 7.33 percent annualized yield, which is higher than the recent yields on bond issuances of companies and much higher than bank interest rates.

Payable to stockholders as of August 19, the cash dividend will be distributed on September 14, 2022, which represents 107% of the distributable income for the 2nd quarter of 2022.

The annualized yield of 7.33% excludes special dividends the company may declare later and is based on the July 20, 2022 closing price of P2.38 per share.

This is the second cash dividend for the year and brings total cash dividends declared to P0.088/share for the first six months of the year – 151% higher than the dividends declared and paid for the full year of 2021.

All the news: Business man in suit and tie smiling and reading a newspaper near the financial district.

With the above dividend payout, CREIT is well-positioned to achieve the 7% annualized yield as per REIT Plan, incorporating the possible upside from the variable lease at end of the year which will then be separately declared as a special dividend. The company’s gross revenues for the first half of the year rose to P664 million, 408% higher versus 1H2021, which mainly consisted of lease income from the guaranteed base lease from various solar plant companies. EBITDA likewise grew to P643 million or 429% with an EBITDA margin of 97%.

Business: Business men in suite and tie in a work meeting in the office located in the financial district.

“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 Oliver Y. Tan, CREIT President and CEO.

“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 added.

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