CREIT Surges Ahead With 26% Revenue Boost And Increased Dividends

Citicore Energy REIT Corp. (CREIT) is making waves in the renewable energy sector with a stellar performance in the first quarter of 2024.

CREIT’s latest financial results and increased dividends signal a promising and prosperous future, making it a compelling and exciting investment in the burgeoning renewable energy sector. | Image: CREIT Facebook

The company reported a remarkable 26% increase in revenues, climbing to Php 473 million from Php 376 million in the same period last year.

This impressive growth is largely driven by the addition of new parcels of land to CREIT’s green asset portfolio, reinforcing its position as the largest REIT landlord for renewable energy developers and operators.

The positive revenue trajectory translated into significant financial gains, with EBITDA and net income experiencing robust growth of 24% and 18% respectively. These figures highlight the effectiveness of CREIT’s strategic acquisitions and its robust business model focused on sustainable and recurring lease revenues.

Adding to the excitement, CREIT announced a higher cash dividend of Php 0.049 per share for the first quarter of 2024, a 4% increase from the Php 0.047 per share declared in the same period last year.

This dividend will be payable on July 09 to shareholders on record as of June 13, translating to an attractive annualized yield of 7%, based on the May 10 closing price of Php 2.82.

Oliver Y. Tan, President and Chief Executive Officer of CREIT, expressed his enthusiasm about the company’s achievements.

“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. 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, Citicore Renewable Energy Corporation (CREC), is a powerhouse in the renewable energy industry with a project pipeline exceeding 5GW in various stages of development, and its first gigawatt is already well underway.

This strong backing is pivotal to CREIT’s sustained growth and high occupancy rate, boasting 100% occupancy with a weighted average lease expiry of 21.2 years across its 7,100,000 square meters of landholdings.

This foundation has enabled CREIT to consistently declare dividends above prescribed levels since its stock market debut in February 2022.

As the Philippines’ first renewable energy real estate investment trust, CREIT is not just setting benchmarks in the industry but also embodying a larger vision of a sustainable and energy-efficient future for the nation.

Backed by CREC, which is dedicated to leading the renewable energy revolution and empowering Filipino communities, CREIT is on a steadfast journey towards contributing to a First-World Philippines powered by pure renewable energy.