CITICORE Energy REIT Corp. (CREIT) posted a P226-million net income in 2021, 117% higher than the previous year, on strong electricity sales amid high demand.
The sale of electricity from the company’s Clark Solar Plant and the land lease revenues from Citicore Solar Tarlac 1 and 2 made up 95% of its audited gross revenues at P352 million, it said in a disclosure on Wednesday.
However, CREIT’s power revenue stream for 2022 will be transferred to Citicore Renewable Energy Corp. as part of its real estate investment trust (REIT) formation transaction.
This transfer will include earnings from the Clark Solar Plant service contract, which was approved by the Department of Energy.
Without electricity sales, CREIT’s revenues will now primarily consist of its guaranteed, stable lease revenues and growing variable lease revenues.
“CREIT is well positioned to deliver a recurring lease income stream, translating to higher distributable income and dividends to our shareholders moving forward,” CREIT President and Chief Executive Officer Oliver Y. Tan was quoted as saying.
“We are proud that CREIT’s maiden offering and we are very grateful and thankful to the investing public for embracing this first of its kind REIT variety and the Year of the Tiger’s first IPO (initial public offering),” Mr. Tan added. CREIT conducted its P6.4-billion IPO in February.
CREIT shares closed unchanged at P2.60 each on Wednesday. — R.C.S. Agustin