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CREIT posts P226-M profit for last year

Posted on April 20, 2022

Newly-listed Citicore Energy REIT Corporation (CREIT), the country’s first-ever energy-focused REIT, booked a net income of P226 million in 2021 as the energy sector remains resilient amid sustained high demand for electricity.


In a report to the stock exchange on Wednesday, CREIT also reported audited gross revenues of P352 million, 95 percent of which was attributed to the sale of electricity from the Clark Solar Plant.


The growth was also supported by the balance from land lease revenues coming from Citicore Solar Tarlac 1 and 2, which covered the November to December 2021 and December 2021 periods, respectively.


Likewise, earnings before income tax, depreciation and amortization (EBITDA) grew 24 percent to P282 million, translating to a margin of 80 percent, with net income after tax surging to P226 million, more than double the previous year’s P104 million.


Contract transferred

According to CREIT President and CEO Oliver Tan, the power revenues stream of the company will no longer apply to its financials beginning this year since its service contract for Clark Solar Plant was transferred to Citicore Renewable Energy Corp. (CREC).


“As a result, CREIT is well-positioned to deliver a recurring lease income stream, translating to higher distributable income and dividends to our shareholders moving forward,” Tan said.


CREIT entered the capital market last February with +11 percent performance, closing at P2.84 per share from a maiden offer price of P2.55 per share — highlighted as the Best Manila IPO debut since 2007.


“We are proud of CREIT’s maiden offering, and we are very (grateful) to the investing public for embracing this first of its kind REIT variety and the Year of the Tiger’s first IPO,” Tan said.


Last 9 March, CREIT declared cash dividends of P0.035 per share, representing its 2021 performance to stockholders on record as of 28 March and payable on 4 April. The amount is slightly higher than the Final REIT Plan’s P0.030 per share projection.


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Citicore Energy REIT Corp. (C-REIT)is the country’s first energy REIT, focused on delivering excellent value and attractive returns to shareholders by responsibly harnessing nature’s resources and empowering communities. C-REIT operates as a REIT upon compliance with the Philippine REIT Law.

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