Metro Manila (CNN Philippines, April 20) — Citicore Energy REIT Corp. (CREIT) saw its net income more than double last year as demand for electricity remained high amid remote work arrangements.

In a disclosure to the local stock exchange on Wednesday, the energy real estate investment trust (REIT) firm reported a net income after tax of ₱226 million in 2021, up from the ₱104 million in earnings it posted in 2020.

"The energy sector, on the other hand, remained resilient and showed a strong performance brought about by the sustained high demand for electricity as a result of remote work arrangements and work-from-home set-up," CREIT said.

The listed firm also registered audited gross revenues of ₱352 million. CREIT said 95% of revenues came from its Clark Solar Plant's sale of electricity and the balance from land lease revenues of Citicore Solar Tarlac 1 in November-December 2021 and Citicore Solar Tarlac 2 in December 2021.

"This power revenue stream, however, will no longer apply to CREIT's financials starting 2022 as the Company's service contract for Clark Solar Plant, as approved by the Department of Energy, was transferred to Citicore Renewable Energy Corp. (CREC) effective December 25, 2021 as part of CREIT's REIT formation transaction," the firm added.

CREIT president and chief executive officer Oliver Tan said revenues will mainly comprise of "more guaranteed, stable lease revenues with upside from variable lease revenues" instead of electricity sales starting January this year.

"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," said Tan.

CREIT made its successful market debut in February, also raising ₱6.4 billion through its maiden offering. 

Shares of CREIT finished flat at ₱2.60 apiece on Wednesday.

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