Citicore Energy REIT Corp. (CREIT) posted profit of P601 million in the first six months of the year, 575 percent higher than last year’s P89 million.

Revenues reached P664 million, up 408 percent from P130.71 million last year, mainly consisted of lease income from the guaranteed base lease from various solar plant companies.

“EBITDA (earnings before interest tax depreciation and amortization) likewise grew to P643 million or 429 percent with an EBITDA margin of 97 percent,” it said.

Oliver Tan, CREIT president, said the company is now seeing the recurring rental revenue stream of its 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,” he said.

Tan said the company will continue to infuse new assets into its portfolio, translating into higher dividends for investors over the long-term.

CREIT is declaring a P0.044 cash divided representing income for the second quarter of the, payable on Sept. 14, 2022 for shareholders as of Aug. 19, 2022.

Click to read more: CREIT profit jumps 575% (malaya.com.ph)