CREIT POSTED 454% PROFIT GAIN IN ’22

Business tycoon Edgar Saavedra-led Citicore Energy REIT Corp. (CREIT) saw its earnings last year swell by more than 400 percent after operating as a renewable energy-themed real estate investment trust (REIT) company for a full year.

In a stock exchange disclosure on Wednesday, CREIT posted a net income of P1.25 billion in 2022, a 454-percent growth compared with the previous year’s earnings, on the back of “largely resilient” lease revenues.

“The higher income we generated as a renewable energy REIT allows us to share a bigger pie with our investors and stakeholders,” said CREIT president and chief executive officer Oliver Tan.

CREIT previously relied on electricity sales for profitability before shifting its main revenue source to property rentals.

The company’s land portfolio comprises nearly 200 hectares, which are leased to solar power plants.

Revenues in 2022 likewise grew by more than four times to P1.37 billion, thanks to CREIT’s rich land portfolio.

At the same time, CREIT declared a total dividend of P0.183 per share and has paid out 107 percent of its distributable income in 2022, according to the company.

“CREIT’s unique green asset portfolio, with total landholdings of almost 2 million square meters and backed by 100-percent occupancy all year-round, has allowed the company to declare above-prescribed and steady dividends during the year,” it said.

CREIT is backed by Citicore Renewable Energy Corp., a pioneer in solar power generation that has a project pipeline of over 3,000 megawatts in the next five years.