CITICORE Energy REIT Corp., the country's first energy REIT, posted a net income of P601 million in the first six months of 2022, more than five times the P89 million posted in the same period last year.

In a disclosure to the Philippine Stock Exchange on Wednesday, CREIT said gross revenues jumped by 408 percent to P664 million for the first half of the year, which mainly consisted of lease income from the guaranteed base lease from various solar plant companies.

Earnings before interest, taxes, depreciation and amortization (Ebitda) likewise ballooned by 429 percent to P643 million with an Ebitda margin of 97 percent.

"As the country's first publicly listed renewable energy REIT, we are now seeing the recurring rental revenue stream from our 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," said Oliver Tan, CREIT president and chief executive officer.

"New fresh assets to be infused are expected to increase CREIT's revenue base and earnings, which will eventually translate into higher dividends for our investors over the long term," Tan added.

CREIT debuted on the Philippine Stock Exchange in February this year as the first energy-themed REIT in the Philippines. It pioneered the agro-solar concept in the Philippines, which promotes the coexistence between solar power harvesting and vegetable farming.

Click to read more: CREIT earnings up 5-fold to P601M in H1 | The Manila Times